I never used a dry-suit before, so can't comment on that.
However, I've used a 7mm wetsuit with a 7mm step-in hooded vest in 40F water on two consecutive dives, 45 min first, 55 minutes second. My core and head were actually comfortable on both dives, but hands and feet were a different matter...couldn't feel either for a few minutes after the second dive. It might have something to do with the fact that I was wearing 3mm gloves and 6.5mm boots.
Oh, I also used one of those self-heating pads (thera-peat pack) on both dives; tucked it into my wetsuit right around my chest. It definitely made the difference at least in the beginning of each dive. I'm getting 5mm gloves and wool socks next time I dive in water this cold.
I know enough to agree with previous comments about dry suits. If you are going to dive in water that's below 50F and can afford a drysuit, buy one.
I can't afford one right now, so I have to improvise when diving in cold water.
...just my two cents.