If anything, I think CHANGING light conditions, and or a quick movement will put down fish faster than a rising or falling barometric pressure.
OP (Original Poster) - the day you got skunk could have been caused by a multitude of things.
1. The food base in the area you fish was probably depleted; the fish aren't going to hang around. They'll move up or down the river or even travel for miles till they find another source of food. It could be that of all the times you've fished this area, this time you coincided with this natural event.
2. Changing light conditions - With the cold front coming, were there large patchy clouds? Was it sunny earlier, and then a sudden cloud cover blow in? Or vice versa? Fish adjust to changing light conditions by moving their rods and cones back and forth. It takes them awhile to adjust to changing light. And they do feed on bright sunny and cloudless days (This is proven by research!)
On a day that is patchy. Fish will adjust to the brightest condition - when the sun is shining thru, and then when a moving cloud casts its shadow directly above, the fish will be unable to see. Surface feeding fish will stop feeding momentarily because they cannot see as well. Days like this are an opportune time to snatch a fish in the shallows by the tail!
3. Wrong fly. It could also have meant that you were using the wrong fly. There may have been a massive drift going on below, possibly caddis pupaes, BWO nymphs, or is this a tailwater you speak off? If so maybe a drawdown for winter was occurring, this will release an enourmous amount of nutrients, and whatever lives below the impoundment. The fish could have then been conditioned to feed on whatever those are.
4. etc etc etc....
Best to keep a log or diary, and train your eye to become keenly observent of the surroundings since trout are unfortunately a product of their environment. They can't jump into a air conditioned car and sit around until things get better.
Nevertheless, this was a great question you posed, and I learned from all who replied.