Ditch the cotton, just about everything else is quick drying/warm when wet,
ie... polyester/fleece, wool, under armor,
big thing I think is walk out to your stand in as little as possible, you may have to take off some clothes in the process, un-tuck those shirts,
in general a great basing system is a wicking shirt, like a polyester/under armor, with a fleece over that, and a windproof/rain proof shell over that.
I find a ski hat will keep you warmer than a insulated cap, although I do like to have a bill so I sometimes will put one over my cap.
ski mask will keep you extra warm...
hooded sweatshirts seem to really trap some heat... but you'd probably wanted a hooded fleece or something...
bibs or coveralls are great.... coveralls are probably warmer but heavier, seem to weight you down all on your shoulders...
bibs... keep you pretty warm and don't see to weigh you down as much.