Which is more important to stay warm in cold weather, a good base layer or a good outter suit? The thing is I will probably only have enough $$ this year to pick one. So would you guys go with a more expensive base layer with a Wal Mart suit or go with a cheaper base layer and buy an upper level suit?
Base layers can be had for pretty cheap, I would say outer suit. I've been wearing rocky base layers from Walmart and they work just fine. A lot of the more expensive stuff is made from the same material as the cheaper stuff anyway.
I would say start with a good quality outer layer, something that will keep the moisture and wind out. You can be creative on base layers. The key is layers. You don't need fancy compression to stay warm. Also remember, if you sweat, you get cold. Make sure your condition when you arrive in your stand. If you're all sweaty from a hike with gear, put your outer layers on at the stand... stuff like that
Both can usually be had for cheap if you shop around. Typically I use my baselayers for warmth & my outerlayer for rain/wind protection when needed. If I get too warm an outer layer, I sweat badly.
Layering is key (like someone above me said). Next-to-skin base layers should be a synthetic fabric that is excellent at wicking away moisture OR a high quality merino wool. The synthetic will wick moisture away from your skin to other layers. Dryer skin stays warmer longer. Wool on the other hand has the amazing capability to keep you warm even when damp/wet yet will also breathe when you're warmer. Second base layer should be something insulating - WallyWorld sells Rocky mid layers quite cheap that work fine for this layer. They're 100% polyester so they're somewhat moisture wicking and they're thick enough to insulate. The main thing to remember is layering is key. You'll be able to take layers off if you get too warm and proper layers will wick away moisture while keeping you warm. If you just throw on a full camo suit, you'll stay warm but any activity other than sitting still and you'll overheat and sweat quickly. Also, you do not want cotton as a base layer. It gets cold when damp and doesn't wick moisture away. It just stays wet. I'd say get yourself some quality base layers and go from there.
I personally went for a more expensive outer layer (I also am on limited funds). I found that my collection of underarmour was enough to keep me warm, but I needed to get something that would keep out the wind and rain. I would start with that because no matter how warm your clothes are if they get wet you're going to be uncomfortable and cold.