I am looking for a jacket to wear over my waders when steelhead fishing
on the feather (especially during the rain). What are people's
recommendations? (I am not going to buy a simms or orvis).

Cabella has a jacket for $45 (not breathable)
Pacific fly group has the ultimate rain jacket which a dealer friend can
get me for about $90 (I think) made of Hipora which is breathable