Translation:Is the wind cool?
It's wrong, though. That would be "それはすずしいかぜですか?"
Even in english the difference is clear, the subject in one sentence is "the wind", and in the other is "it". In the duo sentence there is a wind, and we wanna know if it is cool rather than warm. In your sentence there is "something" and we wanna know if it is a cool wind rather than a ghost passing through (or whatever else "it" might refer to).
Careful when positioning adjectives, just like in english there is a difference when you put them in front or after a noun:
このかぜはすずしいです: this wind is cool
これはすずしいかぜです: this is a cool wind
"Is the wind cool?" means cold wind here; we're just more used to the "badass" meaning of "cool". ;)
"Cooling" means that it is actively becoming colder, so the verb conjugation would have been different. I think it's more commonly used in phrases like "cooling off", since your sentence sounds a bit strange to me, but I'm no expert in English.