Leather isnt waterproof!! You can make it water resistant with leather dressing and stuff, but you are better off with a good lined (goretex) type of pair of pants. I bought a pair from the shop at Phillip Island ($110 from memory, cheap as
) and they also sell on Ebay.
The "wet belly" usually isnt the jacket leaking, its the water wicking up the lining as you ride, hard to stop unless you have a full wet suit. I usually give the jacket a dose o 3m waterproofing spray semi regularly as well!!
A cheap option for wet feet are the rubber overboot, around the $25 mark they are a lot cheaper than the $200 plus for the waterproof boots.
And I have a Motoline jacket (Waterproof) with a removable liner which is a beaut.
Gloves are a pain, none are truly waterproof if its gunna piss down.
And of course a "Never fog" visor strip!!
And of course you can go the heated grips, heated vest, heated seat, and heated visor.
But I reckon the poor old Ducs electrickery system would shit itself and you could then warm yourself by the following conflagration.