Dear Art,
Your statement is absolutely correct and quite insightful. Air density
is, indeed, inversely proportional to temperature. In other words, on a
hot day, air around you will be less dense, hence offer less
resistance.
I don't know where you live, but I live in Texas. I suggest that, if at
all possible, you come down here for your time trial in July or August
when it's 100+ F (95 at least) and you should be really happy with the
results. Or, better yet, do it in Arizona where it's even hotter (might
get lucky and get to do it when it's 115 F) and dry (Texas humidity
might add to the air resistance.) Oh, my, I almost forgot about Death
Valley! Do they do time trials there?
Best o'luck!
Dan