My current setup (tested in rainy/snowy Anchorage, AK)

Base: Wool or Polypro undershirt
Wool Sweater
Wool tights
Shorts
Boxers
Pearl Izumi Leg Warmers

Shoes: Some trail running shoes with Gore-Tex liner. I wear a thin pair of wicking socks and then a layer or 2 of wool over them depending on temp.

Rain Gear:
Marmot Precip jacket - hood under helmet if raining hard
Military issue Gore-Tex pants
Mtn Hardwear gloves with "Conduit" outer shell

I usually only break out the Gore-Tex pants if it's really coming down. I usually stay warm with wool even when wet. I plan to get a pair of Marmot Precip full zip pants (which are a lot lighter to lug around) at the REI sale starting 2 May.

I'm going to be riding up the Richardson Hwy from Valdez, AK up to the Denali Hwy and crossing that then continuing up to Denali National Park and on to Fairbanks in June. I'm sure I'll get dumped on so I'll be able to give a good report on the Marmot stuff.