When drag queens apply makeup, it's to mimic feminine features and create the illusion of being a woman... or at least a charicature of a woman. They use extensive highlighting and contouring to create cheekbones, lip shapes and hide stubble or rough textures from you. The audience.
When stage performers apply makeup, they do it to keep from being washed out by lighting and to create physical aspects of the role they are playing. By deepening laugh-lines, they can look aged. By lightening and darkening complexions, they can appear to be of a certain ethnicity. They do it to aide in telling a story for you. The audience.
When you put makeup on, who's your audience? Will your boyfriend stare into your smokey-less eyes? Will your girl-friends still think you have full lips without gloss? Will you recognize yourself in the mirror if you went without foundation?