Well I stuck to my guns and rode my bike in today in the pouring rain...there is a flood emergency in Plymouth today and the Pemi is centimeters away from flooding as I type this.
I am happy to say that all my gear worked great. Only parts of me that got wet were the tops of my feet and my hands (sort of). I think I can keep the tops of my feet dry if I cinch my pants on the outside of my booties, so if I get waterproof gloves I will be made in the shade, or rain as it were.
To the other Zoo family commuters, I highly recommend the Performance Brand Rain Pants that they sell in their 'Commuter Store', they are cheap, $30-$35 and they work awesome. You can cinch them shut at the bottom for a tight fit with a velcro strap and they got some reflective jibba jabba which is always nice. but size up when you buy them they run small.
Only complaint is that I am probably going to have to buy a full front fender if I am going to continue to ride in conditions like today. The fender I have covers the downtube, which gets a lot of the spray but at speed the front of the tire throws water straight up and if I'm going fast enough I hit the water before it falls to the ground and it basically hits me right in the face. Today I just tried to lean the bike to the right a bit while I leaned slightly to the left so the water went over my right shoulder. That worked but its not the best position for balance and I was also sticking my head right into traffic...which I would prefer not to do.
All in all riding in a cold rain has been conquered, we'll see how riding in a flood goes this afternoon, the Pemi is forecasted to crest sometime late this morning or early afternoon...