I have a red 03 Mach1, I have the same problem, engine noisy just before shifting when cold. Just got it back from Auffenberg Ford here in O'Fallon Illinois. Seems they had a Ford Engineer drive it and another yellow 03 Mach they had on their lot. They both had the same noise. Their conclusion "it's normal for that model". I don't buy that, but the Ford Complete care warrenty did, cost to me $100 deductable, and a noisy engine. I really like my Mustang, but this will irritate me every time I drive it now.