Don't overestimate how much of a jacket you need. Down to about 55 degrees, I would go with just a jersey and arm warmers. You might start off a little chilly, but you warm up really quickly once you start riding. Anything that starts off warm will have you sweating within 15 minutes.

I recently picked up the Performance Century II jacket. The parachute effect is vastly overstated IMO. The sleeves catch a little bit of wind, but the body is fine. I guess if you get a size too big it would be a problem. I've used it with just a short sleeve jersey down to about 50 degrees with no problem. One of the reviews says it's bulky, which is kind of ridiculous. It fits in my jersey pocket easily.

Don't be too quick to dismiss the hi-vis yellow. Nobody looks being scraped off the pavement.

Also, you mentioned having a T-shirt underneath. Assuming that's cotton, that will be the determining factor in how clammy you end up feeling when you sweat. Unless your rides are really short, consider a wicking (polyester) T and then change when you get where you're going.