The chamois is the most important aspect of shorts..IT saves your arse...As to jerseys. The reason for jerseys to cyclists...THe most important is wicking properties..I would not cut back on this..A good coolmax material..And not to have the parachute effect to give you more resistance...Don't need that. Looks pretty silly when riding down the street and looks like a parachute slowing you down.
Don't necessarily have to spend lots of money to get these qualities. Particularily with the frequency of sales.