Actually, cryo performed after a single temper, or "snap temper" (a temper lower than the actual temnper temperature but, high enough to relieve stress-generally, 300F)appears to offer the best benefit. In the early days of cryo, steel manufacturers stressed the need to cryo right after quench. This tends to produce larger grain size, and, more internal stress. If using LN2, the effect of the cooling is so strong that you can cryo at any point after the first temper-days, weeks, months and you will still convert retained Austenite to Martensite. You can tell this is so because race car teams cryo entire engine blocks and other components months after they have been manufactured. What is important is getting that just quenched steel right into the tempering oven while it is still about 150F so that the martensite responds well to the initial temper. By tempering the martensite formed during quench before performing the cryo treatment, you are helping the steel to not be overstressed during the cryo treatment.
For simple steels, (high carbon), the Mf (Martensite finish) temperature is not nearly as low as with highly alloyed steels-it is the alloy content that pushes the Mf temp lower. This is why you can get good conversion of retained Austenite to Martensite with, say, 70 degrees of additional cooling (70 deg=RT, most freezers are about 0 deg F). For highly alloyed steels (BG42, any CPM alloy, etc)you'll get more benefit as the temperature decreases.
Remember, the desired microstructure in a finished blade is tempered martensite, not martensite. You only need to cryo one time, and follow it with one or more tempers.
Hope this helps,
RJ Martin