Raincape & spats (covers shoe up to top of knee) with bike with fenders - front light on handlebar extension tube that drops it below the raincape over the handlebars.... cape does have a waist tie to keep it from flapping in the wind... outfit made by Burley in the 70's - sized s,m,l,xl etc.. vs current purchase options of "one size fits all". Outfit is relatively compact & easy to take on & off as rain comes & goes...
I have a rain jacket but got tired of legs getting wet - now shopping for rain paints and rain booties to have 2 options - rain cape & spats or rain jacket/pant/shoe combo.