I think your perceptions are pretty-much accurate. It seems to me that all synthetic, water-proof/resistant garments do one thing: Hold your body heat in. This shell over the wool is about as good as it gets, but I still get wet under Gore-Tex, even, to the point where I can't tell if I am saturated in sweat, rain, ground-water or a combination of the above.
You can try to vent, but depending on how cold it is out, it might not be the best idea, health-wise, to get cold air blowing in on your wet base layer(s).