100% merino wool as one of your layers at least is really comfy and toasty warm, but usually doesn't feel clammy when damp.
Yes to balaclavas!
Me, I don't wear special bike shoes or clipless, I use straps on my pedals that can be adjusted larger in the winter to accommodate any of several wonderfully warm winter hiking boots I wear in winter. i can put thick wool socks in those boots and my feet do really well in the cold that way. I find several thinner pairs of gloves are better than one thick pair- especially when i start with a thin but super soft pair of ladies cashmere gloves that I use as liners.