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I do think having a properly pocket able waterproof is a really nice thing to have. I rarely have to use mine, but every time I do I'm grateful, for instance on L2P getting into Dieppe at 2am in heavy drizzle which didn't let up for about 5 hours, and being pretty much bone dry and not boiled in a bag.
Might be worth having a look at Gore-tex on ebay as you're small, I got a used one on there for ~£25
I've got a medium racecape. Have so far not worn it in any of the weather it was designed for so can't comment on if it's any good or not. If you want to give it a feel/try it for size, you're welcome to pop by (SE6).