Well, to the best of my knowledge a blendshape doesn't retain data for unmodified points... so doing a blendshape on "just the face" shouldn't really effectively be any different than doing a blendshape on the whole body but only modifying the face.
However, what you're talking about is possible, and in some ways desirable even in abscense of computational benefits.
If you want to do it, what you need is a few Wrap deformers. You have to be careful with the settings you use on them, because wraps CAN be slow and unweildy, but used the way we're going to use them, they are fast and reliable.
Here's what to do:
1) Copy your mesh, and lop off just the part you want to make blendshapes for; ie just the face. I suggest giving yourself a few extra rings to play with, just in case.
2) Make sure to delete history on your face-chunk. This will be your new blendshape base. Make copies of it, and edit those to be blendshape targets, as usual.
3) Set up a blendshape, with the "master face" blending to the face targets.
4) WRAP the real, unsliced full body mesh to the blended face. If the model is already bound, edit your history so that the wrap is the first deformation applied.
5) Set the wrap deformer to "points" mode, not polygons, and set a very very very low range. This will set up a situation where each point on the target mesh is correlated to one and only one point on the driving mesh; in other words, it basically just acts like a blendshape (and has blendshape-like speed), but indexed by base point proximity rather than point order.
The full body mesh should now inherit the deformations of the blended "master face".
What I like about this setup, is that it allows you to do a lot of blendshapes on the target region, and look at all the targets at the same time without your machine choking up. It also allows you to do blendshapes in an isolated environment separate from the rest of the pipeline... which may or may not be helpful, depending on the reliability of the group you're working with.
I've also been told that the same effect can be achieved by doing blendshapes set-to-set rather than mesh-to-mesh; thereby allowing you to dictate your own point order. I have tried that technique myself and had zero luck with it... but you're welcome to give it a shot =)
By the way... typing in all caps isn't necessary.