I don't think you need to spend even $100 on tights. I have a pair of Helix tights by Sugoi that cost all of $35 (if I recall). I've worn these comfortably over a pair of knickers, in temps as low as 29 degrees. I have an expensive pair of Shebeest tights that are a lot thicker but no warmer. I recently bought a pair of Sugoi Subzero tights for about $65 but haven't worn them yet.

I do think a good wind jacket works better than just a jersey. I have a jacket from Gore (the Passion Plus) jacket that I love. It's made of their "Windstopper" fabric and really does keep the wind out. It also had detachable sleeves, making it very versatile. I bought it at Performance for about $80. I layer the jacket with a thin, wool base layer (if it's below about 40 degress) and a long-sleeve jersey, and I'm usually quite comfortable.

In my opinion, to ride comfortably in 35 degree weather, you will also need a good pair of full-fingered gloves, something to put on under your helmet, e.g., a baclava, shoe covers, and wool socks. My feet are what suffer the most in the cold. I've been experimenting with various products, but none work perfectly. I have a pair of PI shoe covers, but my feet still get pretty cold after about an hour on the bike. I've also used charcoal inserts. I've been told to use these without covers because they need air to get and stay warm. They work reasonably well as long as it's not tooooo cold. Wool socks are a must, but thicker is not necessarily better. If they cause your shoe to fit too tightly, they restricting circulation and lead to even colder feet.

Hope that helps,

Kate