On a cold day (< 30), I use a base layer - some sort of poly or silk, then a wool shirt, then a fleece (probably will be wool in the future) vest, then a very light but warm LLBean Primaloft jacket, then a rain jacket. Both the LLB and rain jacket are stuffable into a decent sized fanny pack or small backpack. Usually hike wearing either the vest or just the shirt as an outer layer, unless below about 35, and then layer up/down as needed. Got an UA compression shirt for Xmass and will try that next year.
By pacing my hike and (de)layering, I can keep sweating to a minimum. If I get wet, I have dry layers to add after I reach a stand/watch, which usually seems to accelerate the drying process. The layering and delayering is a bit of a pain but seems to keep me comfortable.
Now, just need to keep those feet warm on <20 degree days.
