For the IM 70.3 Morro Bay swim leg, would there be any advice from those who have experienced it?

It looks like it will be around 57 degrees. For an average swimmer with 45-50 min typical time the cold water to add to it, would a full sleeve Cat 5 wetsuit and neoprene cap sandwiched between two swim caps be a good way to go? I have booties as well, but might skip those.

I read a post where there was actually an area more than halfway into the race where the depth got pretty shallow to the point of walking, but still just fine to swim through.

Thanks in advance.