Insulation Layer - Merino 330?

Would you consider the Merino 330 a Baselayer or Insulation layer for cold weather, late season, whitetail if worn under an Incinerator outer shell? Thinking Merino 120 LS, Fanatic Hoodie, Merino 330 (maybe hoodie, maybe not) then Incinerator and then maybe the jet stream blaze orange vest over the top of the Incinerator. Cold, gun hunting. Could that be enough? Or is the Merino 330 more of a base layer as advertised?