My own experience is that a Patagonia Capilene 2 shirt under a wind shirt was comfortable while actively hiking in the mid-20's F, with wind blowing. I also wore a Smartwool head band to keep my ears warm–wearing a full hat would have made me too warm. Locale for that episode was climbing from 3,000 to 5,000 feet in Washington's Entiat Mountains (just east of Glacier Peak) in early October. It was not precipitating; if it had been the outer layer would have been my rain jacket. Obviously, my puffy jacket went on as soon as I stopped!
IMHO the heavier weight base layers allow less moisture transport and absorb more moisture, not something you want next to your skin. The heavier layer would also make me sweat more, especially under a rain jacket (needed more often than a wind shirt in our neck of the woods during fall, winter, spring). That also means I can use the same base layer regardless of the time of year. The heavier base layers are great for standing around a lot–things like late November football games and riding the chair lift or waiting half an hour for the bus in one of our rare Portland snowstorms, but not for active hiking/snowshoeing/x-c skiing.
I may take a lightweight mid-layer top–either 100 weight fleece or (more often) a second light-weight base layer–in case it's colder or I'm going downhill. I own a midweight base layer top and bottoms (REI brand), bought 10 years ago, which I've rarely worn outdoors because they are too warm. If I still lived in Wyoming, instead of western Oregon, I might wear that midweight base layer a lot more.
Weights–take your scale along! Mine (digital postage scale) barely fits into my purse.
I like zip-T's; the high neck is cozy and the zipper can be opened for ventilation.
While I love merino wool and do wear merino wool socks, I prefer synthetic baselayers, especially Capilene, for our soggy PNW winters. Your mileage may vary, and with lightweight (therefore fast-drying) layers it may not make much difference. The second baselayer top I use as a mid-layer in cold weather is lightweight merino wool.
Check the Patagonia outlet in Portland for–hopefully–lower prices on Capilene. Also watch for sales. Regular price Capilene can be a budget-buster! All mine was bought on sale, although of horrible mismatched colors (pink top, maroon bottoms….).
Ken, thanks for the link to that article on the "clown" half-wool, half polyester baselayers–that's one I missed in my search through the archives when I first joined! I'll definitely add it to my list of BPL "classics."