I have many different pieces of Nightlife reflective wear for my biking.
They are all slightly different and fit differently, so I can't give you an all-inclusive lowdown on the sizes.
The good news is that I am shaped just like you: "smallish chest, narrow waist and wide hips. A size medium in most tops.".....so if you are interested in a particular Nightlife item, I can tell you the size that fits me. I'm 145 lbs, 5'5" tall.
I just LOVE my nightlife stuff- it keeps me feeling safe, and car drivers are always commenting to me that they could spot me a mile away down the road.
As to how well it breathes- well i'm not sure how to answer that because I am a big fan of merino wool which breathes really well. All poly/lycra stuff seems less breathing friendly to me. Nightlife stuff seems to breathe about as much or as little as any other polyester stuff I own.





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Now I have a posse of jackets I hardly use (the Mountain Hardwear ones are high quality keepers for hiking/backpacking though).