In reality it all depends how you are hunting. I have gotten away with poly-pro longjohns under a windbloc fleece coat and pants at -10F and spent all day out spot and stalking. I carry another set of fleece coat and pants in my pack if I have to sit for long. High winds and rain/moisture add a whole new element.

Cotton kills, so you will never see me in the field wearing cotton.

I've never sat in a tree stand so I have no idea what you'd need for that.