I don't think waterproof is a good idea for below freezing. Eh? I use a Pearl Izumi softshell with a Craft baselayer. This is a rather shockingly warm combination for its weight and thickness. If I need to, I'll add a Voler Jet wind jacket over that. Both the PI and Voler come in Hi Viz. But it all depends on how hard you pedal. That's just for me. Some folks might be more comfortable in an ordinary Sears Thinsulate parka, $40-$100. No Hi Viz, though.