Will a Cooling Machine Provide Similar Effects to Cool Sculpting?

CoolSculpting is calibrated to safely supercool fat tissue without harming the epidermis. I'm not familiar with the settings on a cold therapy system or what kind of protective measures are involved, but you run the risk of damaging skin (with skin necrosis) if there is too much cold - which would be similar to frostbite. On the other end of the spectrum you might get no results at all.

The FDA puts systems through their paces to insure they are both safe and effective for their intended use. 

Is it worth the risk?

Coolsculpting was designed and studied by two Harvard trained dermatologists.  Significant studies and trials were performed before the procedure was FDA approved.  The timing, cold, and pressure were all analyzed.  Simply replacing it with cold therapy system will not be effective.