FWIW, I’m pretty sure that most RNP approaches have a temp range for uncompensated altimeters, so that would address both positive and negative temperature extremes (by restricting the acceptable deviation) with systems not designed to address them.
Also, I think that temperatures were traditionally addressed (to a certain degree) by the broad brush approach. For instance, most enroute altitudes provide 2000ft clearance in the mountains, 1000 in the flats. So, if you are IMC and operating in these regions, you would most likely be well clear of any terrain by maintaining at least the appropriate minimum altitude, which would address most smaller temperature variations.
In the approach environment, remember that the point was, and arguably mostly still is, to get pilots low enough or close enough to the field to conduct a visual landing.
So, again in a sense, close enough is close enough. 
Moreover, high temperatures (in addition to resulting in deviations in the non-crashy direction) are unusual in that, speaking anecdotally, you rarely have low ceilings/bad visibility and exceptionally hot temps at the same time. In the desert, rain will often never even make it to the ground in dead summer, evaporating into Virga before it does so. Arguably, you are more likely to encounter low ceilings/visibility from blowing sand than moisture out in the desert SW.
That’s why, again just an example, I don’t recall that either LAS or PHX have approaches lower than CAT I ILS. They statistically don’t need them often enough to justify the cost.
Incidentally, (since we are speaking of the Phantom and altimetry) if the F-4 altimeter is anything like the one in the A-4, it will lag with any appreciable climb or descent rate.
So, if you wanted to release your bombs at, say, 5000ft, you might need to pickle them off at 5500ft on the altimeter. IIRC, the correction used to be in the charts.
Just thought that worth a mention since it’s another example of just having to use TLAR at times when working with the tools we’re given…particularly in the old days! 