Tony.
I have been delivering waterspouts coaching for some time and in Scotland.
There are a lot of good answers here. I would add the following.
In my opinion the two months before and after the new year are too cold for spending 5 minutes in the water outside. Even now in October and March are arguable.
If your delegates are wearing dry suits they will still get cold and loose heat to the water, not as quick as just in neoprene or ordinary clothes. Moreover, it will depend on the layering they have on beneath their dry suite. However, five minutes in the water and extremities will go first; hands and little fingers. If you need to do fiddly operations after getting out of the water then at that time of year digits will get cold and quick. Functionality will degrade rapidly.
However, the flip side of the coin is that people need to experience the conditions of cold also. I agree with this but will try and do my training and basic skills in the warmer weather then go on to develop their skills in the colder periods, building up a resistance, more so to the gag reflex!
That said its back to basics, our fried risk assessment. Yes take into account the cold, water, weather, wind, location, where the nearest warm building is / car, first aid. Personal equipment; layering, dry suite (and it needs to be a dry suit), wet suit, age, ability, medical issues, experience etc. Staff; experience, skill set, safety gear, knowledge of area and access to warm buildings /cars.
Again, in my experience whilst people will rock up and will want to do the tuition. In really cold days they switch off, do not listen and their minds wander to warmer thoughts.