If it's calm and clear a 5k race at 10F isn't bad. If its windy or icy, the race might be miserable. IMO, tights, long sleeve tech shirt, thin hat and gloves is plenty for a 15-25 minute effort assuming no gale force winds. Try to stretch and warm up inside if possible.
If not, keep the warm-up on the short side. Running in cold weather burns a huge amount of energy. If you have a non-racing friend available, keep a shell layer on till the last minute when you can strip down to racing kit.
I ran a Jingle Bell run a few years back in 10F with wind and icy roads. I ended up tossing my hat around two miles. (I can't imagine racing with a facemask) I had a little trouble maintaining form in the wind over last mile but managed to overtake some sucker for a podium spot on the homestretch. I'd guess cold, wind and ice added 20-30 secs to my ideal conditions time.
Only strategy change I'd make is a conservative start to protect cold muscles/tendons and avoid tying up over last half of the race.
Good luck-