Thanks for all the input. I had thought about the blood trail issue. My biggest fear is hitting a deer and not being able to find it. So, the chance of the rain erasing a blood trail is reason #1 I will pass on hunting in heavy rain. Reason #2 is that I don't like being wet and since I have limited time to hunt, I'll save it for the better weather. I have the ability to pick and choose my days off (for the most part) but they are limited, so I'd rather sit at my desk on a rainy day and hunt the sunny ones, rather than vice-versa.
I've had just about enough rain. I got up this morning to 15 mph N. winds and rain. The forecast wind switched from S. to N - I only have one setup for a N. wind and I just put it out yesterday in the late afternoon so I figured it's too early to hunt it (its a ground blind). The forecast is N. wind all day, rain changing to snow and about 25 degrees overnight (possibly 2" of snow). It's supposed to clear off by morning and winds shift to the west. I am definitely going out tomorrow!