My question is, is starting up with that oil under those conditions really going to hurt the engine?
You're okay ... by a wide margin you're okay.
The "10W" part of that is what indicates the cold flow properties, not the "40". A 10W oil is good down to the teens. It's when you're cold starting in even colder temperatures that you have to consider even better cold-flow oils.
The "40" indicates the operating temperature properties of the oil. That means at temperature the oil behaves like a 40 weight in terms of flow.
The low 40's poses no issues whatever.
FYI, they get that "best of both worlds" flow properties by starting with a thinner oil and adding "viscosity improvers" (VIs). The trouble with that is they tend to shear down more quickly.
Perhaps you've read on this site people talking about "straight weight" oils ... a "straight 40 weight"? That means it's a "true" 40W ... no VIs, great shear protection, not good cold flow properties.
Synthetic 5W-40's take an even thinner oil -- hence the even better cold flow properties -- and add even more VIs. They tend to shear as well. But if you're doing cold starts or very high heat conditions, synthetics tend to work well.
I live in Tucson where in the winter months the temperatures are on average in the low 40's, and in the summer the highs go to about 110. I run HDEO 15W-40 year round.
And I don't worry at all.
Sleep like a baby.
The stuff has "good enough" cold flow properties for my neck of the woods and "good enough" temperature protection for a water cooled bike even in the Tucson desert heat.
Oh, and by the way ... you have to understand that our friend "sunruh" is a sadist on oil. The guy is cruel beyond words. He revels in beating oil within an inch of its useful life.
But we still love him just the same.
