Today the windchill was -26F in Minneapolis during my commute. I wore my my wool long underwear, wool socks, hiking boots, dress pants, dress shirt, cotton sweater, dress overcoat (with liner), balaclava, hat, and glove liner/shell. After about 4 miles, the only thing that was a bit cold was my hands. I saw maybe 20 or 30 other bikers out riding during the day. I don't think any of them were wearing much cycling specific gear (other than maybe a windproof jacket).

With enough top layers (which should be easy to accomplish with sweaters/coats), quality boots, heavy duty gloves/pogies, balaclava/hat, and long underwear, you should be in much better shape.