There's a reason it's hard to find padded knuckled gloves, they don't do much other than raise the price. Hit your hands, as strat pointed out, and it will hurt almost as much as without the pads. Leading, or even seconding for that matter, with bulky gloves is a hassle. Bloody and/or swollen knuckles are good for training. It's fun to look at the ice and say, "Hey, where did all this red stuff come from?" Eventually they'll make you improve your form. Besides, it only hurts for a little while.
Old navy gloves? Oh god, here we go again. Try windstopper gloves, much better and can always be found somewhere online for less than 20/pair. Buy a couple of pairs, rotate them often always keeping the ones you aren't wearing inside your jacket so they don't freeze, and bring along mittens for belays if you need extra warmth. Works like a charm.
Warm when wet? That's a good one.