I use the 4th Elem Artic's (equivalent to about 200 gsm thinsulate) in the 50s. For the one time I've been in the low 40s, I wore the Artic over my Xerotherms (about 100 gsm equivalent), so more than 300 gsm equivalent total. I was very toasty.
For an overview on the weighting, my suit buoyancy is 10 lb with just a wicking layer, 15 lbs with wicking+Xerotherms, 26 lb with wicking+Arctic, and 37 lb with wicking+Xerotherm+Artic. (I then subtract other ballast like backplate, steel tanks, lead, etc. until getting to zero.) My point being there's a pretty large range.
I wear the Xerotherms (and am warmer) in the same range that I would wear a single-layer 7mm (60s). If you dive your 5+3mm in the 40s, you're way tougher than me!