Stevemon I think you might be getting a little bit carried away with what's needed. Yes, bigger money might get you less weight and perhaps more 'features', but for an average runner (me!) 50 grammes here and there isn't really going to make much difference.
I personally think the trouser half is not important, so I have a £15 pair of Regatta / Gelert / Hi Gear / whatever 'pac-a-mac' type trousers. These are tiny and light enough to carry, and have taped seams. I can't imagine ever wearing them to run in; in bad weather I wear long running tights and can only imagine putting the waterproofs on if I was immobilised for whatever reason.
I was prepared to spend a bit more money on a jacket, in the end I went for a Montane Atomic (£90ish) which is slightly heavier and more robust than some of the pure 'running' jackets, but will also come in handy for other things - walking, and general going-to-the-pub use.
But as Dave_Mole says, there are other bargain-basement jacket options out there. It definitely doesn't have to be Gore-Tex, which is overrated and overpriced in my view, so I wouldn't dismiss other materials as 'lesser'.
I'm quite surprised this issue is causing so much angst, it's really not that complicated and I'd have thought that most people who spend a lot of time outdoors will surely already have some sort of waterproof kit lying around