Cotton is generally a "No-No" as it retains moisture and then gets cold. Exception is on hot days when the sweat would evaporate away from the material and possibly keep you a bit cooler. Cycling specific jerseys are made with a wicking material that takes moisture away from the skin and it evaporates with heat or wind. Can be made of various materials and can come in various warmth's. The base layer and I have two. A Warm long sleeve for winter use and a lightweight "Aertex" type that has no warmth. Both do the same job of wicking moisture away from the skin and into the next layer that if of the right material- will wick away moisture to the open air. In cool weather I would have a base layer and a long sleeve jersey and outer top coat. Cold weather it will be base-short sleeve- long sleeve and outer. Even colder and it will be as many layers as I can put on and put up with the dampness that I will not feel till I stop. The lightweight base layer I mainly use in Summer as the wicking properties are very good.
Gloves and the "Sealskinz" I mentioned are cycle specific with padding but the Lobster gloves that dbg uses are just as good----As are a pair of trek mittens I have and various others.
Other things to think about are the knees. This Joint can suffer in the cold and various ways of keeping them warm. Longer shorts called "KNickers" that come to below the knees- Leg warmers that are just sleeves to put over the joint or the leg or cycling tights that cover the whole leg. I use KNickers or tights and that works for me down to about 20F--Below that it will be Knickers and tights and find a cafe every 20 miles or so to warm up
