For winter riding I'd stress the outer shell more than the base layers. I like rain bibs of reasonable quality. Cheap PVC stuff is okay. But something woven, with good pockets, is even better.
At 35-40 deg F I simply wear gym shorts under that cover-alls. I'm more than warm enough.
At lower temps --and you might find yourself tempted in that direction-- basic sweat pants are very comfortable.
On top a basic sweat shirt plus cotton jacket works for me. Rain jacket when necessary, of course.