Use a tape measure to calculate the width of your soffit, measuring from the face of the wall to the back of the fascia trim along one of the rafters, or truss joists, depending on your roof's construction.
Set the table saw fence the distance from the blade that you measured and cut enough 4-foot-by-8 foot 1/4-inch thick luan panels to width to fill the eaves from front to back, leaving them 8 feet long.
Mark a 12-inch square 6 inches in from one narrow edge of half of the rectangular panels, using a carpenter's square. Center the square in the width of the panel. Cut the squares out with a circular saw to create soffit vent holes.
Pour latex paint into a plastic disposable pain pan. Fit a medium nap disposable roller cover onto a roller handle and fit it to a long extension handle, twisting it clockwise to tighten it in place. Roll the roller through the paint pan to completely cover it.
Apply a coat of paint to one face of each luan panel. Work a W pattern, using overlapping strokes with the roller for a complete coat.
Allow the paint to dry for one hour, then apply a second coat for even coverage. Use the same technique you used for the first coat. Allow the paint to dry to the touch before installation.
Fit the first panel in place painted face down, with one narrow edge against the inside of the front gable. Staple the panel to each truss joist, or rafter (both are spaced every 24 inches) using three staples per rafter. Fit the second piece butted up to the first and staple it in place in the same way. Alternately the panels can be air or hand nailed, using three fasteners per rafter.
Add as many full size panels as possible, stapling each in place butted up to the panel before. Alternate the placement of panels with vents cut in them, so that every other panel has a vent.
Fit a 12-inch soffit vent grill over each opening in the soffit and drive 11/4 inch treated deck screws up through the four mounting screw holes in the trim ring around the vent, using a cordless drill.
Use a caulking gun to run a bead of painter's caulk along the edges and in the seams between panels to seal the soffit. Work the caulk into the seams with a dampened finger for a smooth finish.