Spectral functions are important quantities that contain a wealth of information about the quasiparticles of a system, and that can also be measured experimentally. For systems with electron-phonon coupling, good approximations for the spectral function are available only in the Migdal limit (at Fermi energies much larger than the typical phonon frequency, E_F\gg \OmegaEF≫Ω, requiring a large carrier concentration xx) and in the single polaron limit (at x=0x=0). Here we show that the region with x\ll 1x≪1(E_F<\OmegaEF<Ω) can also be reliably investigated with the Momentum Average (MA) variational approximation, which essentially describes the formation of a polaron above an inert Fermi sea. Specifically, we show that for the one-dimensional spinless Holstein model, the MA spectral functions compare favorably with those calculated using variationally exact density matrix renormalization group simulations (DMRG) evaluated directly in frequency-space, so long as x<0.1x<0.1 and the adiabaticity ratio \Omega/t>0.5Ω/t>0.5. Unlike in the Migdal limit, here 'polaronic physics’ emerges already at moderate couplings. The relevance of these results for a spinful low-xx metal is also discussed.