I use hot water to get the soap off because it works better than cold water. I use hot water after the alum because it works better than cold water. I don't THINK there is a reason you need to do a cold water rinse. There may be a reason, but I don't see it. Of course, this is your shave and you can do it how you wish. Try it and see if it works.
Hey Stroker thanks for the heads up about the Gold Bond Lotion. I can't wait to try it.. I use Corn Huskers Lotion as a preshave for the exact same reason(easy to find, works as well as Proraso or Jack Black IMO and a lot cheaper)..
For me I'll usually rinse with warm water (though this morning it was a cold water shave through-and-through ), then a wet alum block to tighten everything up nice, rinse the alum off and liberally splash on the witch-hazel (not just over the shaved whiskers either - it feels great on the eyelids and around the back of my neck too. I'll even run it through my hair!)
I mix my witch hazel with rubbing alcohol, 50/50 and spalsh it on after every shave, been doing it that way for a few years... , but always had rather oily skin, so the mix dont dry my skin out.
I also cold rinse (I find it soothing after warm rinse to remove soap/cream), then apply drug store brand witch hazel, let dry and follow with aftershave, which just recently became Clubman's Pinaud . I'm not sure where I picked it up from, probably on the forum here somewhere, but I've added not only essential oils like tea tree, lavender and eucalyptus, but also aloe vera. Adds to the moisturizing of the mix and feels nice. Regarding the alcohol in witch hazel, there appears to be two methods of extracting the wh from the plant, water and alcohol. Thayer's brand uses the water extraction method, hence it is alcohol free. The drug store brand is typically the less expensive product of alcohol distillation. In my experience both work well, so I guess its up to your own taste.
Let the Witch Hazel dry. Then apply aftershave. Simple ways to use Witch Hazel http://www.drweil.com/drw/u/TIP05285/Wondering-How-to-Use-Witch-Hazel.html
I have a bottle of Rose and a bottle of Lavender Thayers. Very nice. I use them before A/S or I use Tea Tree Oil.. Kind of the same effect as WH.
I use thayers or dickinsons with alcohol in it. i always add menthol crystals to my WH, and the alcohol melts the crystals.
I mix witch hazel and body shop tea tree toner 50/50 and add some menthol crystals for a cool feeling, the small amount of alcohol in the tea tree toner dissolves the crystals. Then use any aftershave balm.