Why not try a good gore tex jacket, winter riding pants (they have heavier materiel or a double panel on the front of your leg to keep the wind out) and a helmet liner under your helmet? You can find less expensive jackets and pants by looking on ultra light back packing sites. Frogg Toggs seem to be a popular brand.
For the record I live on Michigans Upper Peninsula and rode my bike right up until the beginning of December. With snow on the roads all the time I gave up riding because I don't trust the drivers around here. You should have seen the looks I got riding my mountain bike around town when it was snowing out! Good luck with your project!