So with a small amount of money, I started my search for the right jacket. It had to be similar to the Fjallraven or an old military M65. I found just what I was looking for in Old Navy, a $50 lined cotton military styled jacket with a hood. It needed a lot of work to bring it up to the standards I was looking for.
First thing I did was replace all the cheap plastic buttons with antiqued brass ones. Then I added a bunch of cordlocks to the jacket's drawstrings.
To weatherproof it, I waxed it using Fjallraven's Greenland wax. This is done by just rubbing it on the fabric and then ironing it to melt the wax in. This was a tedious job and I did two separate layers.