I got the idea of using alcohol as the ONLY Lube from a hunter who was in Alaska going after Polar Bear. The oil in his bolt action rifle froze up in the deep cold, preventing the firing pin from moving. That evening he tore the bolt down, and cleaned all the oil off the firing pin, FP spring, etc. Then he put just alcohol on the working parts to make sure they would work in the cold.
Now, I am sure that the alcohol evaporated in that very cold dry air. It wasn't around to serve as a lubricant at all on bare metal. However, the idea of using Alcohol to THIN OIL came to mind as alcohol doesn't freeze until it gets far colder than a human can stand.
Mixed with oil or wax, or a combination of both, it should last a bit longer- but, its main function is to THIN the lube on the patch, so that, like Dutch Schoultz's dry lube, where oil is mixed with water to thin the oil after the water evaporates, a much thinner lube infiltrates and remains within the fibers of the cotton patch.
The alcohol will make greasing the patch easier to do in cold weather, as the lube will be softer in cold temperatures, than if Not thinned. If there is a thin coat of lube on and in the patch, you have some lube helping to protect the patch, and to keep fouling soft in the barrel. But, being very thin, the patch is less likely to freeze to a rock like consistency.
I still think that for really cold weather- that -20 Degrees F.--- use a synthetic oil like Tri-flon, or a synthetic oil such as is made to use in airplanes.
I am too old to go hunting in those kinds of temperatures, and have suffered frost bite too many times in my life to risk the damage that trying to do so would incur. I doubt that much game is moving very much when its that cold, unless out of pure necessity -either to find needed food, or escape predators.
I am convinced that existing oils, like Ballistol, and Jojoba oil will serve the rest of us who may have to hunt during below freezing temperatures, but not as cold as -20 degrees F., or lower.