As an update to this post I made back in April, I no longer have the "cold start" fan spinup issue using my 5970 and the iMac 27" in target display mode. I can only assume this was fixed in one of the recent catalyst driver releases or maybe an OS X update as I haven't played with any new firmware for the video card nor changed the cable. Unfortunately I can't be sure exactly when this was fixed as I had made such a habit of popping the cable out when starting up the PC that I've only just noticed by chance that it now starts up fine with the cable connected.
Did you ever update the firmware on your card? That was the solution for me.