My reply is really about the actual layers themselves. Someone else brought it up but I thought I'd flush it out a bit.

I discovered a whole new world out there when I found the right, read bicycle specific, clothing. It breaths, it wicks, my biggest problem is overheating. Granted the Bay area doesn't get down into the 0s but I do bike in 35o mornings and 70o eves. A really lightweight wicking longsleeve undershirt, a jersey, a cotton t shirt, and windbreaker and I'm unzipping and pulling off before I've gone 3mi.

Ive found some very reasonably priced long sleeve, good looking (1 or 2 colors only) bike jerseys at Performance bike. http://www.performancebike.com/ they have a 10% sale going on now.

you can also find some reasonably priced wicking stuff at campmore.com

They all pack way down.

good luck
c

edit: I've found some great pearl izumi stuff at the thrift shop. 2 jackets originally $80, for $6