I got the Velocity DT from F&T for £45 in the spring. Excellent jacket, I lived in it for two very wet days in the Alps and it held up against several torrential downpours. Highly recommended.
I've also got the standard featherlite smock, which seems to have long suffciently long arms and back for cycling. Very lightweight and wind/shower repellent, wearable next to the skin and packs down very small. My only concern with that one is its durability. If you wore it a lot with a backpack or brushed against too much prickly vegetation then I'd expect it would soon get damaged. An excellent back-up wind/showerproof though.
Field & Trek did seem to take a long time delivering the goods compared with the likes if CRC and Wiggle.
BTW, People often say the Montane sizes come up on the generous size so if it's any help in choosing your size The Montane Velocity large seems to be about right on me but the Featherlight large seems comes up a bit more spacious. But of course, you don't know how big I am 😉