My kinda guy!  I started out with wool, got away from it for a while in my younger, more foolish days, mostly went back to it a few years ago, and now swear by it for most things. 

The best, warmest hat I own is a Sleeping Indian hat, wool with a fleece lining the best of both worlds.

 Is this the type of wool shirt you're talking about?

https://www.mainemilitary.com/productcart/pc/viewPrd.asp?idcategory=&idproduct=2537

I picked something like this up a couple months ago at a gun show for about 10 bucks. They're definitely nice.

CCH wrote   I used to be a traditional wool guy, but finally sold most of my stuff when I realized I just don't use it anymore. Great stuff, but heavy. If I'm moving, wool pants are generally more than I want in anything but extreme cold and have the downside of accumulating snow/water and becoming heavier than they already are. My wool shirts didn't provide 1/4 the insulation of a synthetic fill jacket but weighed twice as much. I'm all over merino wool for socks, glove liners, beanies and baselayers but have gone over to the synthetic side elsewhere. My knife is still carbon steel though...

I am pretty much in this boat. I still wear a bunch of wool when I am working out of a vehicle, but if it is on my back or in the pulk I have to agree with CCH. Although none of my knives are carbon steel and my 1911 is aluminum.....

I do appreciate how much more quickly synthetic stuff dries as opposed to wool. I've been temped to go back to synthetic base layers from time to time for this reason. However, to me merino is much more comfortable against the skin and overall is a much nicer material, especially when it comes to multi-day wear, and proximity to flame.

Sometimes I find that when I am layered in synthetic stuff, sleeping in a synthetic bag I tend to sweat a bit more than if I am wearing merino.

Patagonia just reintroduced a silkweight merino shirt this week with a fabric that is 65% wool/35% polyester. I know some folks won’t be caught dead in Patagonia kit ’cause they think the brand is pretentious or something. To each his or her own!

We must take a look at balaclavas if  our goal is staying warm.  Several of you have noted that if you keep your head, hands and feet warm everything else will be all right.  Working out doors all winter long year after year I have found that balaclavas are a great piece of gear.  While you can choose how much you want to cover you can protect your head, ears, neck and chin with no problem.   Some balaclavas are built so that you can pull the bottom up over your mouth and nose and these have holes or mesh that allow breathing.  As I have problems with foging on my glasses when the balaclava covers my nose I only use this coverage in the most extreme cold conditions.   They help prevent heat loss from around the neck opening in your other clothing.   Due to the different conditions I work and play in I have several balaclavas.  I really light one is good when you just need to break the wind a little and can also protect you from intense sun coming off snow at high elevations.  The balaclava I use most at work came from the bicycle shop, Performance.  It blocks the wind, breaths moisture away and is warm enough for most conditions.  One reason I like this balaclava so much is that it does not effect my hearing as much as others.  Balaclavas that have a wind shear or water proof and breathable membrane in them tend to be noisy to my ears.  As the balaclava moves on my head the membrane make noise that reduces my ability to hear other sounds.  For hunters or others that need to hear as much as possible in the environment this is a consideration.   Balaclavas that fit tight and are of soft fabric have little or no noise problem.   I have heavy balaclavas from Cambelas made of fleece.    I find that wearing a balaclava while sleeping can make an otherwise cold night in a sleeping bag much more comfortable.  For the most warmth I pull the top of the balaclava down so that it covers my eyes and to the tip of my nose.  Not have my nose stick out into cold air really helps me get a good nights sleep.  As I am somewhat more sensitive to cold than the average man I strive to use the best tools to stay active and comfortable while working and playing outdoors all winter.  

 There are a few pairs of the Patagonia PCU Level 7 Micopuff pants on eBay right now for around 60 bucks, which is a pretty good deal.