+1 on gaiters
I've been trying a short pair underneath and over my cuffs. They do catch a lot of road grit on a rainy day, especially the right side one, which gets chain spray. So you're going to turn the right side one black if you have a pair light colored gaiters, like me.
If you have a pair of tight fitting rain pants you can put the gaiters under your cuffs, and that shingles the rain over the top elastic. If it's not dumping out, you could use the gaiters over your cuffs instead of an ankle strap to keep your cuff out of your chain.