We routinely store the cell pellets at -20°C until the protein extraction is done. This works fine in most cases, although we never compared the result to extractions without freezing.
In some cases, I have observed that storing the cells at -20 for overnight actually helps in sonication. But don't store the cell pellet in the refrigerator at 4 degrees.
Either -20 or -80 is fine, we have routinely stored expression pellets for months at both temperatures. No need to snap-freeze in liquid nitrogen either, just put it in the freezer. The most important thing is when you thaw the pellet to work quickly, keep everything on ice and make sure you use protease inhibitors during the lysis step.