There's an Icelandic legend that beat all this crap in 1984. His ship sank with all his friends and co-workers. He swam to shore, walked bare feet on razor sharp lava and walked to town. Guðlaugur Friðþórsson. His descriptions are chilling. "When the ship sank from underneath us and we were submerged for the second time we decided [the three of us] to swim. We decided not to help each other which would have been hope…
Apparently he survived because he was fat. http://books.google.com.au/books?id=rYIJJP7audkC&pg=PA26...
This is very size and speed dependent, but increased viscosity delays separation and can actually reduce drag [1], [2]. In any case, the viscosity difference is not huge and water temperature is normally not precisely controlled for swimming events.
"Most people [...] suffer from vasodilation in extreme cold."
Only when the core is doing well [3], the opposite (vasoconstriction) occurs otherwise.
[1] http://jeb.biologists.org/cgi/content/abstract/204/1/81
[2] http://www3.interscience.wiley.com/journal/120798746/abstrac...