Never heard the "cotton kills.." saying before. DW is allergic to practically everything, including synthetics and wools. Cotton is about all she can stand against here skin.. We did find her a pair of silk long johns that dont set off her allergies, and that makes a good first layer.
Bob's right about the layers, though, although my real cold weather experience was before 'wicking' material. The layer closest to the skin was a loose weave, Loose fitting long johns, generally cotton, if I recall: a lot of air cavities to hold air warmed by your body heat. I generally wore a light long sleeved shirt under that. Over that, a tighter weave wool, such as a long sleeve shirt, and over that a tight wind proof layer. Everything loose, no belts - nothing to constrict warm air movement between upper and lower regions. Suspenders.
If you got too warm, you opened up your clothing and vented - didn't want your clothing wet. Modern wicking materials help here, I guess.
No tight boots. Tight restricts blood flow - warm blood. Same for gloves - multi layered and loose.
Sleeping, an arctic double layer sleeping bag. Inner layer was down. Nice thing about a two layer bag, it not only keeps clothing warm between the layers, but any damp clothing placed between the layers are dry come morning. At night, put fresh clothing between layers and dress inside the bag.
Heat dissipates from your head. Wear a warm cap.
All the jungle condition training in the Marine Corps, and wheRe did they send me? Two winters outside of Narvik, Norway. In tents.