This worked, but a helmet inside a hood makes seeing when you turn you head, kind of difficult. I used my booties with clipless pedals. But cutting the holes in the soles sort of killed the water proofness. I commute 16 miles each way, and never got home with dry feet if it rained hard. Looking like a giant banana sounds like a plus to me.
Drivers are probably very likely to notice bananas riding bicycles.
The biggest negative I experienced was that the blooming cape blocked my view of the road behind me in my mirrors. This was such a concern that while touring in Japan last summer I quit using the cape, except for slow tooling in the rain around town. At slow speeds it was really great, kept the legs and feet totally dry. I have drop bars and bar end shifters, maybe the blooming of the cape is more of a problem with this setup since my mirrors must be mounted on the brake hoods. I lost my cape after packing up in the rain one morning in Japan.