it is possible that breaking in the motor in the cold could have damaged something in the volcano.

wait till its warmer to breakin your tmaxx.
and give the volcano one more shot on a warmer day to try and start. even tho you did try the hair dryer, the air going into the motor was still very cold. if it sputtered last time you tried, then it should still be able to run. just gotta wait for warmer weather and try some different carb settings.

whatever your tmaxx manual says, do that exactly! you cant go wrong following the manual. and a proper break-in of the motor is the 1 key step that will insure that you get a good,easy to tune motor! do it wrong, and the motor will never want to run good.

i personally have never ran a nitro in the winter. but it is more work to tune, and keep the motor at proper temps when its soo cold out.