I could only see it helping based on the fact that matter becomes more dense with a decrease in temperature. So the engine might get that little bitty bit more fuel that helps you win a race. Figure out how cold it can get before it gells up and see how it runs. I can see tuning becoming a real issue. You would have to tune it to get maximum power from the cold fuel, but then when it warmed up you would have to tune it again. That isn't possible during a race...
I think that old-timer is just blowing smoke.
