As a builder of backyard ice rinks over the years, I've had some experience with hose bibbs. Like Garcky said, we get extreme conditions here, -10F is common and the best time to flood the rink.
I keep spares of all parts, as long as you have an inside shut-off you'll be fine. The old 70's Nibcos are fine valves and were very popular but the internal rubber stopper gets chewed up, it might be a good idea to get extra "cartridges" for the unit your buying in case you have a failure.
I rarely shut my water off inside, one reason is the slow drip after shutting it off freezes everything up, even with the hose bibb open.
The foam boxes are worthless, mine got tossed years ago.
When it's really cold, I use my Harbor Freight Heat Gun to get things going, turn the valve slowly, let the water thaw it out otherwise you'll really destroy the rubber internals.
I'll also have some of those $5 brass hose valves around just in case it's really late but the water won't stop dripping out of the valve, then I can get a good sleep and fix it the next day.