Seems like it would depend on what you're growing, where you are, and what the weather is like.
You say "during the day", are you bringing them in at night? If so, and you've got enough sense to keep the plants inside during a cold or windy/rainy/snowy day, then you're probably ok to put them out. I got a tiny "mini greenhouse" for Christmas -- basically a clear plastic tent that goes over a little frame -- that I plan to use in this way for hardening off before planting out.
I wouldn't put my tomato seedlings in a plastic wrap cold frame in Wisconsin in early March. Tomatoes are tender, and I'm guessing that you're still getting some fairly cold nights. (20°F overnight probably isn't outside the norm?) Your cold frame isn't going to hold much heat. The tomatoes will be dead in the morning.
If you were growing spinach in South Carolina, and the overnight temps were expected to be in the 40s°F, then I'd say go for it.
I wouldn't try to germinate seeds in the ground in a cold frame at this time of year. The soil is probably still pretty cold, and the seeds will germinate slowly, if at all. You're better off inside.