Good thread. In my experience, I have found Merino works well as a base layer, but only if it is very light. I prefer nothing heavier than a 150 weight in Merino when used as a base layer. I have lots of heavier Merino and it works well as mid-layers.
I have used primarily Merino as base layers for the past 15 or so years, but recently have gone back to synthetic, using the Sitka Gear Core Lightweight Hoody.

https://www.sitkagear.com/products/big-game-subalpine/next-to-skin/core-light-weight-hoody

It does a great job of moisture transfer and with the hood, I can get by most times with just a ball cap for head insulation.
The Sitka can overheat me if my mid layer is too much.

Recently I have been using the Patagonia NanoAir Light Hoody as my primary wind/mid layer. It is a great piece, I only wish it were a full-zip for greater ventilation. In early fall, I did overheat some in it.
This past weekend, I sewed a zipper into the hood of my NanoAir Hoody, so that I can zip on my wolf fur ruff. I now have what I believe to be the ultimate winter garment.
A fur ruff is amazing in very cold temperatures. At -10 the other day, I zipped the hood all the way up and my nose felt like it instantly went from Fairbanks to Honolulu.
I can layer a light fleece or synthetic vest or jacket under the NanoAir, as well as layer over it with a big puffy or W/B shell. Having the ruff on my wind/mid layer is working out much better than having it only on a shell or big puffy.

I'll post up some photos of the NanoAir with ruff.
As far as a puffy, I still use a Mont-Bell Thermowrap parka a lot. Thoughl not "puffy" in looks due to the insulation it works well in most conditions.
A Feathered Friends Helios parks that is over 20 years old, gets the call when it is vey cold and I want down. A 30+ year old Black Ice down parks is overkill for nearly anything north of the Antarctic, but has functioned as a great ice fishing parka.

Another thing to consider for a "puffy" is something like the HPG Serape or Thermarest Honcho Poncho. I have used the former quite a lot and currently use the later.
The longer length makes them great to pull on for long glassing sessions and both can be used as a quilt. I have used the Honcho Poncho as extra quilt in cold conditions and even used it as both my insulation and sleeping quilt both in the summer and on winter trips to Forest Service cabins that are wood heated.

https://hillpeoplegear.com/Products/CategoryID/4/ProductID/19

https://www.thermarest.com/catalog/product/view/id/16680/category/111/


Ed T