For first colorway I used Valley Yarns super was merino wool in crimson with contrasting black for eyes and anntenae, and for the second colorway Vickie Howell’s manic panic and black contrasting.

I worked the chart as intarsia in the round, I added the links I referenced in the pattern.

Intarsia in the round: https://www.interweave.com/article/knitting/intarsia-roun...
Annetarsia set up round: https://youtu.be/I-3PuV3aJDY
Annetarsia working: https://youtu.be/LzKw04DBxI0
Annetarsia shaping a motif :https://youtu.be/lp0f5u8pnbY
Annetarsia moving the turning point: https://youtu.be/6pw93jVXvz4

It can certainly be constructed with stranded color work or completed in main color first and the eyes could be added with duplicate stitch later.
Another idea is to add the eyes as cut felt pieces, or if a felting wool is used for construction, they could be felted on!