Yes, it will cool the hive down. The bees need to keep that brood in the 90's and if you put a big open space on the hive with the temps in the low 40's (my place was below freezing last night) and a small bee population, you are probably not doing them any favors. Plus, the bees will start dropping off pretty quickly until you get a couple of cycles of brood going, then the population will explode. If you are really full of bees, you could rotate an outer frame to the center to open up your brood nest and get it drawn out quicker. You will need to add that box soon (within a week or 10 days), but I'd wait til your weather improves...maybe it will be better over the weekend.