Someone mentioned a hard-to-find article in this thread yesterday (Pollock NW. Cold stress complicates decompression stress. dirQuest. 2003; 4[1]: 14-6.). It does discuss the effects of thermal status on inert gas uptake and eliminaton. Gene Hobbs of Rubicon Foundation has kindly provided a home from which a PDF of the article can be located (the file size was too large to be attached here):
rubicon-foundation.org/Download/Pollock/Cold_Stress_Complicates_Deco_dirQuest2003_4_1 14-16.pdf
The discussion has been good in this thread. I offer a couple of additional observations. First, I would caution against the desire expressed by one to remove as much weight as possible from the weight belt for cold water diving. Easily ditchable weight can be a lifesaver in a number of situations. Being stuck with difficult to ditch negatively buoyant cylinders and backplate can be a real problem if , for example, a dry suit zipper fails. Having a backup buoyancy compensator goes a long way to solving the problem but when I consider worst case scenarios, easily ditchable weight becomes a high priority.
Regarding visibility, it is important to note that some of the best available can be in cold polar regions. General rules of tropical being better than temperate hold but there are almost always exceptions.
Finally, a comment on hypothermia. Definitionally, it requires a core temperature falling below 35C. A cold diver, even an extremely cold diver, is likely not hypothermic after any normal dive. Thermal status will dramatically affect inert gas uptake and elimination long before hypothermia becomes a factor.