After many years of fine tuning, this is what I do now and seems to work well for me.
1. Smart wool or under armour base layers
2. mid weight fleece leggings on bottom, light weight fleece north face top
3. heavy wool pants or bibs for bottom, wool windstopper top
4. fleece wind stopper vest
5. heavy smart wool socks go in my pack, military mickey mouse boots strapped to my pack with hand warmers opened and put inside to pre-warm.
If I have a long enough walk I’ll also pack my wool pants and top. When I get to my stand I dress and swap boots and socks after I dry everything off including my feet.
Light weight under armour cold gear gloves work best for me with a hand muff and hand warmer inside.
Fleece neck warmer is also mandatory as well as my filson wool hat.
I have stayed warm in temps colder than -20 for over 4 hours with this set up and I can still move fairly well.
