You might want to consider a dry top and breathable neoprene stocking foot waders if you are looking for a cheaper option. I have been pairing my bib style waders with just the NRS Paddle boots and with all that neoprene down there your feet stay dry and warm in the water. I use two wading belts -- one at my waist (mandatory to use) and one at the chest (might be overkill). Throw the jacket on over that and then a nice tight PFD. You end up with a lot of straps reducing the ability of water to enter.
I am not sure what type of kayaking you are doing but I mostly stick to canals, shallow streams, slow moving rivers and mellow lakes near shores. I don't think I would want to do open water in waders or have to go for a 15 min swim but for water that isn't very deep that you just stand up and walk out it works great and keeps you pretty dry.
This is good video comparing dry suits and dry top/waders:
PFD's (Life Jackets)
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