I kinda think you are overdressing. Yeah, I know that it's cold, but you will warm up as you ride. My "barely above freezing" apparel is a long sleeve tech Tee, thin wool sweater, topped by my hi viz nylon shell. If the rain is light, I am fine. If heavy, I may substitute a real rain jacket that is supposed to breath (questionable) or, more likely, I will check Doppler radar for a window of relief.