The CMI style is distinctly different from most adventure game art. It uses very large (often attenuated) characters who are composed of single shades of color (usually subdued colors) outlined with black. (Correct me if I’m wrong) To emulate this effect, I’m going to make the outlines with Bezier lines, then tolerance fill each area with its respective color.
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I’m basing the outlines on your original pic (which is on a different layer), but I’m going to exaggerate a little to make it more CMI-like. 
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Among other changes, I made the eyes much smaller, like small circles. I also shrank his head and his feet, but lengthened his legs. 
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<img src="ego1.jpg">
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As you can see, I’ve changed his proportions a lot. Next I’m going to add more details, such as interior black outlines (for his belt, cape trimming, etc.). By erasing portions of the lines’ widths, I create a variety of thicknesses. The smaller the detail is, the thinner the line you want.
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<img src="ego2.jpg">
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Now it’s time to add the color. Your original colors were pretty vibrant, so I’m going to make them a bit softer. When I fill, I’m going to put the fill tolerance up to 70 so it will get rid of the interior gray anti-aliasing. This will also tint the black outlines slightly, which is a good effect.
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As a last step, I change the fill tolerance back down to 1 and fill the background with a color not used in the sprite or outline (like green). This allows me to see the exterior anti-aliasing I need to manually correct. (After eliminating these stray pixels, I could just fill the background back to white, but that would be a pity since I ended up with such a lovely shade of green).<br>
Et voila! The sprite is finished. 
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<img src="ego.gif"><img src="ego3.jpg">
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In some ways, this style is easier to draw, but (because of its size) it’s a bit harder to animate.
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Hope this helps!
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Ian