If what you have is warm enough and the bulk doesn't restrict your mobility to an unacceptable level, no reason not to go with it for now. What water temps are you expecting in your drysuit class?
Things that could be issues:
- material could block gas going out of the exhaust, as Marie noted. But, you can wear a thin fleece or something over it, if you need to, to keep the exhaust valve from just sucking up the shell of the ECWS jacket and being blocked.
- light or medium weight Merino wool shirt, leggings, and socks are generally awesome as drysuit undergarments.
- Fourth Element Arctic gear is also awesome. It's what I use for really cold water. But, it's really warm. I have actually been thinking about getting something a little lighter (like Fourth Element Xerotherm) to use when I'm not spending a long time in the 37F water on the bottom of our local quarry. For water in the 50s and even high 40s, the Arctic stuff is more warm than I need and the bulk can be a little annoying when it's not needed.
- undies that are not made for scuba use may not have some detail features that can be nice - in particular if your pants/leggings don't have stirrups, then putting on the drysuit can possibly cause them to pull up your legs, which is annoying. Similar for long sleeves getting pulled up by the drysuit sleeves.
- on the flip side, you don't want undergarment sleeves that are too long and can't easily be pulled up. I've gotten pretty wet before from having an undergarment sleeve that was sticking down too far and interfering with my wrist seal.
- you also don't want anything with a collar that is too bulky and interferes with your neck seal.
- did I mention how awesome Merino wool is? It will keep you warm even when it's wet. And, it actually has a chemical/physical property where, when it gets wet it actually has some kind of very slight exothermic reaction which causes it to give off a little heat. It's not that getting it wet will make you feel warmer. You just won't feel AS cold as with other materials. Merino undies from REI or Amazon or wherever make great drysuit undies and are usually less expensive than scuba-specific gear.