Fascinating!  A whole new debate on innie vs. outie.  I can hardly wait!

I'm an innie because it enhances the breathability factor.  My life jacket can stay on for portages if need be due to it's design but I will usually remove it and stuff it under the canoe seat unless I'm in a frog-strangling rain.  The only adjustment I need to make is to loosen the sternum stap on my pack if I portage with the lifejacket on.

I've had a Gore-Tex jacket for at least a dozen years and it's still going strong.  Haven't even had to re-treat it yet.  Other than my canoe, it might be the best purchase I've ever made for canoe tripping.  Love the ability to seal it tight around the wrists.  The hood is rarely used...my Filson Packer (waxed cotton) hat keeps my melon warm and dry enough most of the time.

For pants, I just use an an off brand that's not particularly breathable.  My legs don't sweat a lot so breathability isn't a big issue for me when it comes to pants.  I also wet-foot portage landings but I don't get in as deep as JJ.  I'm usually wet from the knees down at the worst.  Keeping the thighs dry does a lot to keep me warm and rainpants on a portage are excellent to keep from getting soaked by the undergrowth on lightly-trod paths.