This time of year with the shoes I have (Shimano M087), I am constantly dealing with either cold feet, even with wool socks, sometimes 2 pairs on, Or wet, soggy feet. I have made a couple of improvements by sealing the vents on top and below where the cleat attaches. Both, especially sealing the bottom have helped a little.
I could get a set of overshoe, but that seems like it would be temporary solution. As I commute, it would get wear daily leading to probably getting replaced every year.
What I have really been eying and thinking seriously about getting are some winter cycling shoes. The ones catching my eyes are Shimano SH-MW81. Problem being availability, not a whole lot of in store options I have seen to try them on. I am concerned they might be a little too warm. But as it is, my feet are cold after rides. So figure warm is better then cold or cold and wet.
Anyone have experience with this shoe or like models?