One of the classic combos for backpacking...but I don't think I'd want to deal with something that flappy on a bike. Frankly, I think I'd try to invest in an eVent bike-specific rain jacket, because even jackets and pants that are fine for backpacking turn into sails on a bike.
FWIW, current killer deal on an eVent cycling jacket:
I can't vouch for the jacket, but the reviews on the site look pretty good. 8.9 oz for a large. Recommendation is to size up if you're thinking about layering.