Amazon offers Prime members the Pearl Izumi Men's Quest Short Sleeve White Jersey in S, L, or XL for $11.77 with free shipping. (Non-members can spend $35 or more to qualify for free shipping; otherwise shipping adds $5.58.) That's the lowest total price we could find by $29.
Update: Sizes L and XL have dropped to $10.94 and $11, respectively.
Under Armour via eBay offers its Under Armour Men's Reflex Warm-Up Pants in six colors (Black/White/Red pictured) for $29.99 with free shipping. That's the lowest total price we could find in any color by $10. They're available in regular and tall sizes S to XXL, although not in all size/color combinations.
FILA Factory via eBay offers the FILA Men's Piped Velour Jacket in Black/Red (pictured) or Peacoat/White for $34.99 with free shipping. That's the lowest total price we could find by $20. It's available in sizes S to 5XL.