I hear you RTodd. But to make sure I am not losing something in translation, I am going to restate your opinion as I am hearing it... and you can correct me if I am mistaken.
You are stating that in a scenario where warmth is crucial in a flood, such as a deep, cold water dive with a significant hang in front of you, that wearing the thinsulate undergarment with nothing under it, is ideal. And wearing polypro underneath that garment is LESS effective. You also seem to be saying that you feel that wearing a merino wool layer underneath the undergarment would at best provide no additional warmth, and at worst, could render the thinsulate undergarment less effective.
Is this a fair synopsis of your opinion?
Basically, a thin polypro is ancidotal. In a total flood it probably doesn't matter much but the G400 is supposed to provide the best warmth and a completely wet poly does work against you. But, since the suit is full of water I don't know how much it matters. In a fairly serious flood, it is my understanding that the stuff in G400 does the best job of getting the water off your skin so you don't want anything inbetween. If just a bit damp, poly can handle that. If you have to wear more for real warmth, put it over the thinsulate. Or, just buy more thinsulate stuff and stop messing around. My ski jacket is thinsulate impregnated with some new stop the stink stuff. You could get the same thing in a vest. Another thing to remember is this stuff wears out and has to be replaced fairly regularly.