Slight tangent...
I've talked to several surfers that say they can feel differences in the weight of the water due to temp? Cold water being denser of course. Has anyone felt that difference on a boat. You'd really have to be tuned in. Don't forget to calculate temperature in your equation.
Slight tangent of the tangent...
Has anyone ever noticed that 20kts in colder wind feels like more than 20 kts of warmer wind? Case in point 20 kts in Santa Cruz or SF bay feels like it has more power than So Cal.
Densities...Cool.
I can't say that I can tell a performance difference in cold vs. warm water (the difference in densities is extremely slight) but I will certainly concur with the differences in the air at different temperatures.