A bathing suit under your drysuit? That’s interesting. A women diving Monterey with a bathing suit on under her drysuit caught my eye just a week or two ago. I see you live in San Fran- was that you?
Cotton absorbs moisture so you are right - it’s not an effective insulator. But if you are not getting wet, there is no reason to wear a bathing suit. Many of us wear synthetic thermal underwear under our insulated drysuit undergarments.
I have a polypropylene top and a pair of 100 weight stretchy fleece bottoms. The thermals wick moisture away from our bodies which keeps us warmer & and acts as a liner to minimize the need to wash the drysuit undergarment, thus extends its life.
You can easily find this type of thermal insulation at a REI, or perhaps discounted at online stores such as campmor.com, sierratradingpost.com and REIoutlet.com. Just look for the expedition weight wicking thermals. Crew neck tops fit nicely under your drysuit. If you dive Monterey this should work year round, if you feel hot, just buy some mid or lightweight thermals and wear those ;-).
If you live in San Francisco you may want to drop into the Northface outlet store in Berkeley for very good deals, or just check in with your local REI Store. The local ski shops probably have excellent sales right now.
I hope you join us in our NorCal forum for lots of great local diving advice:
NorCal - ScubaBoard