I am assuming that the question is referring to a pasture or hay field. The other cool season grass that does well for us in Kentucky is orchard grass. It doesn't hold up as well as fescue to heavy grazing pressure but it can be managed in a rotational grazing system where you are moving livestock off of it and letting it recover for a few weeks at a time. There are some endophyte free fescues that would work also. Seeding dates are from March 1st until April 15th in the spring and August 1st until September 15th in the fall. Cold weather with our cool season grasses is not an issue once they are established. As far as the drought tolerance
they can handle some dry weather once they are established with a good root system.