My '01 OB had the same noise. I put a audio file of the noise on my site
www.butkus.org (look for Subaru) You may need to download the file and then
play it.
BAD tapping below 35 degrees. I had the tensioner replaced first then the
next day the dealer told me they would replace 4 pistons under warranty. They
also replaced my timing and 2 drive belts for just the belt cost when doing the
timing tensioner. The difference is night and day. It is 25 degrees in Jersey
and NO startup noise now...none. Got 300 miles on the pistons now. Took 35-
40K to start making the tapping. Very slight during summer but noisy last
winter. Thought it was a valve tap. Very happy. New timing belt, all new
seals when they redid the motor, and new trans fluid when they were fixing a
flashing dashboard trans light which was my orginal complaint when I brought
it in. Plus this is the first time the dealer touched the car. Do my own oil
and check-ups Definite looking at buying my '05 from this dealer... PLUS I
got a free loaner for 3 days.