Today was the coldest it is supposed to be for the next few days. 40* is about my threshold. Go for it. Correction shouldn't be an issue since the friction should raise the temp a little anyway. Paste waxes might be a little more difficult to work with since they won't spread as easily, thus making them thick and hard to remove. Make sure the surface isn't cold to the touch, cool is okay. You should be looking to use a sealant anyway for durability, then wax over it for looks if you want. Waxing can wait for a warmer day. Go with a cream or liquid sealant if the temps are really low. Also, it shouldn't be a problem to apply wax in the sun on a cold day as long as the paint never gets warm to the touch. A hot surface is what causes the problem with waxing in the sun.