I've hunted in some pretty cold weather. I use the hot hands and all my cold weather gear. Wind proof liners helped a lot. I usually wear a vest over the top of my jacket just to help hold everything in. Then tuck my collar on the left side, and put an arm guard on my bicep and another one on my forearm. To make it easier, you can just cut the sleeve off an under armor shirt and slip it on over your arm. It restricts your movement a little, but its not bad and doesnt keep you from straightening your arm at full draw. Usually, starting about this time of year, I practice this way too.
It's difficult to have warmth without the bulk, especially if you get cold easy like I do.
In the stand, I just try to move around a little and draw my bow from time to time. I keep hot hands in both pockets when it's really cold. In the worst case scenario, climb down and do a few circles around the base of your tree. That usually helps and doesn't disturb the area too much.
Hope this helps you.