I do the same things with my Louis Garneau balaclava:
http://www.teamestrogen.com/prodLG_1014002.html
It's very thin and silky but warm, and it's stretchy....so I can wear it three ways:
As a full coverage balaclava covering my nose and mouth
Pulled down under my mouth or chin so it leaves my face exposed
Or pull it back down off my head, tuck the hood in a bit and wear it like a cozy turtleneck- it's thin enough to do all these things, yet for some reason it's quite warm. It rolls up very small too, to tuck in my saddlebag or pocket.
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I wear one doubled up under my helmet as a skullcap or just covering my ears (until it's cold enough to wear a real skullcap) and one around my neck as a neck gaiter. I pull the neck one up over my nose in the beginning and going down hills, and just pull it down again when I start to warm up.
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