If Captain America's shield can absorb/deaden any vibrations, does this mean that it can create 0 Kelvin temperatures? Since heat is movement/vibration of atoms, then his shield would be covered in some layer of ice or 0K substance since any atoms colliding with it would lose their vibration.
No. If his shield were 100% effective at such things, it couldn't do ANY of what we see it do.
Also, as you point out, if it could do such things, it would be covered by a layer of ice. It isn't.
Of course, if plot required 0K temperature for some reason, Iron Man and Cap would work out a way to use the shield to do it. Once.