Check out ebay for used Kokatat Supernova suits. They are "semi-dry" suits because they have a neoprene neck gasket instead of a latex one but they sell for around $300 slightly used in Tropos fabric, breathable fabric that seems inferior to Gore-Tex but ok for a few seasons, based on the reviews. They have socks and relief zippers and should be MUCH drier than a two piece suit. The reviews that can be found say they barely seep any water through the neoprene neck when swimming. Please note that I have never used one of these suits but the reviews that are out there look good and they are reasonably priced on ebay when you can find them.
This time of year outfitters sell off suits that they bought new in the spring and used through the summer so there are some deals on very slightly used suits. I just bought two 2011 model Kokatat Gore-Tex suits (for my wife and I) that were "used" on ebay. I can't see any evidence that they were ever used at all and I got them for basically half price. I just went through the same debate that you are having but decided that 6 more months of paddling was worth it and getting good gear to start would be cheaper than piecing something together to make due.
P.S. I just got my suit but I already love it. Paddled Saturday in 45 degree weather in COLD water, in the rain, and was nice and dry the whole time. SOOOOOOOOOO nice.
Most Economical Winter Paddling Clothing?
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