For that temp, I think a shortie suit would be a pretty good compromise. Of course, for <400m, you really don't need it anyway. But a shortie reduces the difficulty getting the suit off around the ankles.

And yes, your T1 and T2 times are added into your segment times for your overall time. I've had a few tri events where I would have placed one or two spots higher, but I lost it on the transition. Oh well. Not like I'm winning or losing money here.