Leg warmers, a long sleeve baselayer under a short sleeve jersey (or a long sleeve jersey instead of this combo), a wind vest, toe covers or booties, and full finger gloves keeps me good in 95% of winter conditions around here. If it is really cold (rare around here), out come the winter tights and jacket.
I've got a bunch of mountaineering base layers and light fleece tops I can rotate into the mix, which saves me from having to invest too much in cycling-specific winter clothing.