I do not know if that is the IT band. Perhaps darkstar can speak to that one.
I must run warm or something was wrong. I was carrying a yellow messenger bag with knee warmers, arm warmers, long fingered gloves, toe warmers, and a clear rain jacket. Yet all day I was wearing my golden bear bike jersey, a base layer (not a thermal base layer), and shorts. In fact I put my bag in our SAG vehicle and did not touch it till the school. I grabbed my rain jacket at that point.
I was not cold until the aid station at the vail rest area. Last year the first descent froze me solid while I was carrying more insulation (I was fatter) and wearing more thermal gear.
It is good you enjoyed it.
You may have just found a new way to empty your pocketbook.
Kudos to the support folks and the cheering crowds. It is nice to experience road cycling in a positive manner.