You will be a lot more comfortable and considerably less smelly (nothing personal, but you are in the mountains) if you can find some merino underwear in good drab colors instead of the Patagucci. Duofold, Minus 33, Cabelas, and steepandcheap.com for the premium wool brands (like smartwool, icebreaker, ibex, patagonia, etc.) may bring it into your price range. Some people have itching problems with the cheaper brands, but they don't bother me. Minus 33 in gray in a light or medium weight is a good, relatively inexpensive bet. I bought as many gray merino zipneck Duofolds at $30 as I could find when they apparently discontinued them. REI sales may be another bet.
You might consider a neck gaiter and hat instead of the balaclava; there's a little more flexibility there.
Great choice on the microtex, by the way, but be careful around campfires. All my microtex looks like it was hit by a shotgun.
A very light windshirt worn under the outermost fleece layer can be a lifesaver; I have an OD one I got off a military website that I use constantly, but you can get gray or green off the outdoor websites. If you do go for wool outerwear, keep it light! Sleeping Indian had a half-reasonable over-run special on a light shirtjac awhile back; don't know if they are still available (just looked; the price is back up). Day One camo has some good-looking wool and fleece in ASAT at excellent prices, but I don't know how light they are respectively. For me, I would not buy wind-lined stuff; most of the time you are working too hard, and if you need it it's better to have it separate.
I wouldn't carry separate base layers and long-sleeved synthetic camo tee shirts, unless the latter is for really hot weather.
Finally, the guys in the photo above are smart to have brimmed hats. A little shade on the face goes a long way toward camo, and a brim is great in snow and rain. I think Day One has a crusher, but I haven't seen it.
I agree with a light rainsuit (ponchos are tough in high wind, but pretty valuable for an emergency shelter). I often carry both, with the poncho being a light, expensive sil-nylon OD one by Integral Designs or GoLite. You don't want to go cheap on your emergency stuff.