"There is no such thing as bad weather, just inadequate clothing."
And really, wool is a dated answer. It does not dry and there are far better, modern materials.
Bingo! As an ice climber I know you know this stuff.!
Once the wool is saturated heat production slows and stops, according to what I could find on this topic w/o too much investigation.
I don't need to investigate because it's happened to me numerous times...
Wool will
eventually dry but at nowhere the speed that Polartec does. For day sailing, under foulies in low activity, it can be fine but for me it is Polartec hands down..
If you really get that cold,
I'd be in t-shirt and shorts where you are, a "mid-weight" or "expedition-weight" thermal such as those made from antimicrobial Polartec (polyester) are excellent. If you want to look all trendy, Patagonia charges an arm and a leg for the same stuff and calls it
Synchilla®. It is not anything more than a Malden Mills Polartec.
I ski and winter climb in
mid-weight with a simple non-insulated Gore-Tex shell/pant over them. In over 20 years I've never needed anything more than my Polartec long johns and a Gore-Tex shell pant.
I can assure you that wool anything, no matter if you call it "Smart", will not dry the way Polartec polyester does. I own tons of "Smart Wool" and it simply does not compare to a Polartec in terms of insulating or speed of drying.
When we do winter climbing trips we are carrying 70-80+ pound packs and sweating up a storm. While setting up camp, with lower activity levels, my fleece will self-dry, while wearing it, even under my Gore-Tex shells. This DOES NOT happen with wool. Every single guy I climb with wears Polartec mid or expedition weight thermals and over the years we've all tried wool, including the "new wool's" that call themselves
smart....
No wool anywhere in my pack, except socks (with a VBL liner so they never get wet), when traversing NH's Presidential range in Feb...