$200 is possible. Best bet would be to check online sites like whiskeymilitia, tramdock, and steepandcheap.com. Or look at your local shops for their last season's stock/sale gear. Look at waterproof ratings most importantly, don't settle for anything lower than 5k waterproofing on the jacket and 10k on the pants.
indeed. picked up a gore-tex jacket for WM for $100.