I don't think it would be great under a waterproof to be honest. Pertex and similar windproof fabrics are a lot less breathable than people assume, mostly because the weave is so tight - which is obviously why it's windproof.
If I were looking to wear something as a combo mid/outer in that way, Rab's Vapour-Rise would be a good call. Been using the latest Vapour-Rise Lite Alpine a lot and the Pertex Equilibrium used for the shell is appreciably better at breathing and wicking.
You could layer the TNF top under a waterproof, but I think you'd get quite moist unless you run fairly cool, especially in the double-layer bodymapped (sorry) areas.
The flower is a symbolic representation of our lost spring btw... ;-)