More insulation (clothes) means more warmth.
The only time this is not true is if the extra insulation is insulating you from another heat source (like a hiking buddy or fire) or if it is constricting bloodflow. HOWEVER! If you had to choose between a 1pound sleeping bag and a 1pound body suit the sleeping bag would be warmer because some of the insulation in the bodysuit would be waisted insulating your body's warmth from itself.
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