Alex, my best guess from listening to a noisy Subie motor is that it's one of the pulleys. It's possible the lube on one of the bearings is old and makes noise when it's cold. A bad Secondary Air Pump can make noise only on cold start, but it usually only runs for a minute at most and its noise should not vary with RPMs.
If not pulleys, it could be some fluid is slightly low but expands enough when engine is warm to cover the noise-making culprit. When checking P/S fluid level, also check coolant level (wait for engine to cool down) and oil level. See P/S fluid color--when new it's clear and dark red (ATF). As it gets older I think it gets more cloudy then turns reddish black.
Edit: That P/S fluid color looks good to me. Was it low?