In my experience, it is best to go with a very lightweight shoe that both gets wet really quick...but also dries out very quickly. I've used 'waterproof' shoes/covers/socks/etc. and every time my feet still eventually get wet. They all work to a point, but the more 'waterproof', the longer they take to dry out. My two cents? Let the feet get wet. The lighter the shoes, the quicker they'll dry.
yea what he said
For cold rainy days, medium cushion smartwool socks and shoes that will dry quickly.
90% of the water on your feet came of the front wheel, or rolled down your pant leg into your shoe.
The smallest size gaiter will fit up inside your pant leg, and over the lip of your shoe. Once you stop to think about it. Your rain pants catch far more rain drops than your shoe does. All those drops roll down your pant leg, and drip inside your shoe. A gaiter gets them to drip onto the ground.
A front fender with a home made extension does a lot to keep water of your feet. As in above post. cut a section from a plastic water bottle. Poke 2 holes in it and your fender with a knife. Use a zip tie to fix it to your fender.
Your shoe collects very few rain drops. Eliminate the water from the front wheel. Disperse the water from your pants off onto the ground. Now your feet are 90% less wet
Crumple newspaper into a ball and stuff it into a wet shoe. It soaks up some of the water and helps the shoes to dry faster. You might be able to hold the newspaper filled shoe under a hand dryer to speed drying. Don't let the shoe get to hot and melt the glue that holds your shoe together. Keep your hand on the shoe. The glue can withstand as much heat as your hand can.