To protect skin from chapping and cracking, all the above are good, use what works for you. If you feel the need for protection from wind, the zinc oxide and others help block the wind so you do not feel it as badly. All of them increase the chance of frostbite because they can increase the heat loss. Dry skin is a better insulator than skin loaded with a higher heat transfer medium. Many of them (particularly zinc oxide) also hide the first signs of frostbite and therefore tend to make the occurance worse because the damage is bad before anyone notices. Makes the answer much more complicated. I use lip balm and lotion but not if I have to work in the most severe conditions without - A balaclava, proper hood (preferrably with fur), goggles and good mittens are the best, then you can use any cream you want.

Facial hair and ICE are always good ;-).

Respectfully,

Jerry