I would get a cheap set from West Marine. Or maybe just the bottoms and a windbreaker you have already. I see a lot of racers on the Bay wearing lighter gear and not the full on cruising foulies. I have a set of "breathable" West Marine foulies. Right now I'm suffering in Northern BC because they leak like a sieve and if I had the money would go to the fishing supply store and buy the rubber rain gear that the fisherman where.

I would wear my cruising foulies for racing on the Bay and was kinda made fun of by the rest of the crew. Rightly so for racing one needs to move fast and not be wrapped like a mummy. Also race boats are weight sensitive and one gets funny looks bringing to much gear aboard. The foulie bottoms are the most important part, they are what you spend most of your time in. Wear pants under them. Your legs take a beating racing, jeans and foulie bottoms protect your legs as your sliding your ass across the deck. Another reason not to spend much money is that your gear gets trashed, going from rail to rail.

another vote here for West Marine. Start with bottoms. On a 37ft boat, you could probably get away with a windbraker as a top to start with. spend the money on knee-pads. On the smaller boat, you will need tops.

Well, I went the moderately expensive route, since I hope to be getting salt spray in my hair as often as possible, and soaking bow waves only a little less often. So I got the Gill keelboat racers, and I've been very impressed with how comfortable they are. When I first got them I wore them in my apartment for an hour or so while reading the product literature on my new toys (my new auto-inflatable vest, too -- I'm not that slow of a reader :-). And they were actually fine for lounging in.

I've since been out in the slot in our stiff breezes and the stuff remains great, although it doesn't do too much for warmth -- the breathability means there is more cooling by evaporation than with a non-breathing windbreaker like I had been using before. So I'll probably need to layer more. But I have that stuff from backpacking anyway.

On related news, if you don't mind having coldish feet, I've found a nice combo for shoes. I've learned through long experience (mostly motorcycling) that even if my feet are cold and wet, I won't really mind as long as my core temperature (torso) and head and hands are warm. And since wool and plenty of new tech fabrics are adequate at insulating even when wet, I've got with plain woolen socks under amphibious shoes that I picked up for white-water rafting. It works fine, and means I can cheap shoes with decent grip instead of grippy shoes that keep my feet dry.