I would think they would stack. -8 might be somewhat high, but perception seems more difficult to me in driving rain than either wind or rain alone. From a rules basis, I'm not sure....I would feel very comfortable stacking them, though.
It would seem to me that they stack. Severe wind and rain together are essentially a storm according to the PRD (sans lightning), and a storm does imposes a -8 penalty to Perception if I'm not mistaken (in addition to making normal ranged weapon attacks impossible).