I had my "Alaska cold weather gear" shakedown ride late October 2010 in similar conditions in Northern Ontario.
Finger tips and tows are the extremest extremeties

, furthest ways from the heart and blood circulation there is minimal, hence they need special attention:
+2 on the Hippo Hands for your hands/finger tips, makes all the difference and really is the best option. I bought cheapo $20 ones for ATV/snowmobile and they work well with normal gloves. I second that water is your #1 enemy, especially because of its cooling effect caused by wind.
I wear simple 100% merino wool socks (dress socks style actually) in my Goretex boots. I agree with others that you need air to circulate and build a buffer between the cold and your feet/toes.
As for the rest (torso, arms, and legs):
Short sleeve Merino T-shirt, wicking long sleeve shirt and Olympia AST jacket w/ liner to keep the torso warm, merino longjohns with Olympia ranger pants, no liner for the legs. The most important part of my keeping warm is keeping the cold away from my neck, I have a Aerostitch Windblocker and a silk balaclava for that. Overall, I am quite cold resistant and usually wear less than my riding partners.
I do not own any heated gear.