Depends how cold you mean? In Houston, it only gets marginally close to freezing.
It generally behaves the same as any ATF fluid, only a little slicker. I was just reading another thread where DemonSVT is using Redline MTL. he found it to be very similiar the the new Synth Oil Ford is recommending for the new tranny's. It's basically 75w90 synthetic GL-4 oil. GL-5 will destroy your synchro's. Royal Purple has an equivalent called SynchroMax, but I currently can't find anyone local to carry it, unless I order a case.
Regards,
David