i got a LLBean light weight jacket in the early 90's and use it on the canoe trips.i can stuff it in the side pocket of my Duluth pack where i can get it out fast.the pants are from Cabelas and i got those because i wanted something a bit more heavy than the light weight ones that came with the Bean jacket.the Cabelas have double knees and seat which i want for kneeling in the canoe or in camp or sitting which you do a lot of canoe tripping.
i had a zipper fly put in the pants and sewed on lighter weight elastic suspenders to keep the pants pulled way up.i found out the hard way you get a gap sitting in a canoe for hours that the water running down the back of the jacket flows right into.thats one of those "it depends" things as hiking the jacket would cover the top of the pants with no problem.
a buddy has a heavy set of rain gear,Helly Hanson,and he gos thru a lot of hassle to pack something,it has bibs,that would be at home on a North Sea oil rig.