a wicking layer is key to being comfortable when wearing a waterproof outer layer.
gore-tex is great stuff but in all honesty it can feel like wearing a garbage bag if you're not properly layered. typically, the more waterproof a material is the less breathable it is and vise versa.

about that northface, i have a jacket i use for snow boarding that uses the Hyvent material and it works pretty good but i wouldnt want to ride in it for more than an hour or so because it gets too hot.

sports basement and rei always have sales and you could snatch something up for cheap.