I had a logging business for years and we worked I all kinds of weather. We got plenty wet too and cold. We would shut down on days when the mercury was in the negative 20 range because it was hard on hydraulic systems. Wool was the rule of the day on all but the hottest of days. When it is wet wool simply stands on its own as the ONLY fabric that will keep you comfortable. When its cold and you get sweated up from working it will dissipate the moisture like nothing else and without stinking. There are other fabrics that will disssipate moisture but the trade off is the residual smell.
You can hang wool outside and it will freshen from the cool night air and the next day put it on and it smells fresh again. Try that with any other material. I have 6 Pendelton will shirts, I don't wear one everyday but quite often, and they get dry cleaned once per year and my wife is really finicky about cleanliness.

You will, however, need to have something to break the wind unless you use boiled wool. Boiled wool is waterproof and wind proof and EXTREMELY expensive. Years ago boiled wool is what they used to break the wind before synthetics.

When I was riding late into the fall this year I was riding with layers starting with a long sleeved cotton T, a merino wool sweater, a wool vest and a bicycling wind breaker. I was good down to about 40. Below that and it was gloves and a pair of carpenter knee pads to keep the wind off. Below 30 I'm  done riding. Gets to frosty in these parts.

You can't beat wool with a wind breaker of some sort.

Sorry for the length��