Of that stuff at ~32F up top I would at most go with 1 base layer, 1 jersey layer and 1 wind jacket. Either base layer or jersey layer long sleeved (not both).
Yes, I agree. My torso would cook with all those layers.
Most surprising to me besides what you mentioned was the bib shorts and legwarmers. At 34F, I would want windproof thermal tights to keep my junk from freezing. My hips would get cold too, but it wouldn't be nearly as big of a problem as frozen crotch.