if you put on a concealer that is the same shade as your foundation then wont everything blend easier?

New York Color made a cheap one in the fairest shade that worked for me. If you're fair, it should work for you too. It is creamy enough not to show lines, and blends without tugging at the delicate eye skin.

Concealers won't help eye bags, but a cool compress will help. (and as you said, get some more sleep!)

I believe you only put on concealer two shades lighter for dark under eyes.