Cotton and wet down are worthless. Beware of the wind. A slight breeze carries heat away from bare skin much faster than still air. Wind drives cold air under and through clothing. Wind refrigerates wet clothes by evaporating moisture from the surface.
Wind multiples the problems of staying dry.
Direct sunlight on the skin helps in the warming process. Understand the cold. Most hypothermia cases develop in air temperatures between 30 and 50 degrees. Most outdoor enthusiast simply can't believe such temperatures can be dangerous. They fatally underestimate the danger of being wet at such temperatures.