What about a wetsuit on the hose? Humor me for a moment...
On another thread there was talk of re-routing the exhaled gas to get the bubbles away from the mask. Particularly useful for photographers...
So, maybe we can expand on this and create a heat-exchanger to warm the incoming gas? Killing two birds with one stone, as it were.
Cover the gas hose with a neoprene sleeve a little larger than the gas hose. Tie the bottom end to the exhaust tee on the regulator, so that warm exhaust gas passes through the length of the sleeve. The neoprene will provide insulation, as well as contain a layer of water that is warmed by the exhaled gas passing through it. The warmed water will in-turn warm the gas hose. What do you think?
I was first thinking of an air-filled sleeve, but that would be really buoyant. The water-filled neoprene sleeve would be buoyant, but not as bad as air-filled. But it may still need weight added, like some rebreather hoses use.
The majority of the sleeve needs to be fairly loose-fitting, so that the exhaust air passes easily through the hose. Also, if the sleeve is loose-fitting, then it can expand and contract as the air passes through. If it is rigid, then the air passing out would be replaced by cold water passing in. The first-stage end needs to be just loose enough to let the air pass out, but tight enough to reduce water exchange.
It might also need a one-way valve at the exhaust tee to prevent re-breathing CO2, but I think that if the sleeve is flooded this wouldn't be necessary.
I would have to dig out my Thermodynamics book to see if the warm air would warm the trapped water well enough to warm the gas hose well enough to warm the incoming gas well enough do any good (taking into account the heat loss through the neoprene), and I ain't a gonna do that.
You might also be able to pre-heat the heat exchanger by filling it with warm water prior to the dive, like some do with wetsuits.
Remember me when you bring this idea to market. ;^)