I ride in wet and cold here in the PacNorWest.
Granted my ride is rather short, 10 miles each way with a ferry ride to break up the long haul
and I am not doing super slab speeds, but what I have found that works great is a ski bib for the bottom, and a good rain jacket on top.
I have a 3 year old First Gear Splash jacket that allows for layering underneath, and keeps me very dry, But, after 3 years this will be its last year of use.
The ski bibs ( bought for @ 30 bucks on amazon ) allow for boots, so they are not a problem to slip on and off, and they have elastic in the foot/leg openings to keep out snow IF you fall while skiing which work great to keep the rain from blowing up your legs.
Mine are lined too, adding warmth, and a heck of a lot cheaper than buying motorcycling designed gear.
Keep it off the exhaust and you are good.
Oh, BTW, I have a First Gear Thermo Suit, it is fantastic, however, I get too warm wearing it, and I have ridden in the twenties with that, and wind chill factor, I have never been cold, or wet, but it is like wearing a sleeping bag with arms and legs.
Also. I am not going to ride anymore under 32 degrees, just to dang old to mend if I ever fall, come close, however, the little girl was easy to keep up, as the BIG harleys went over, in some black ice we ran into