definitely sounds like an exhaust leak before the catalytic converter.. as it warms up it probably closes the leak somewhat converter's probably not toast.. it takes time to warm up and actually filter the exhaust gases
2003 3.8L V6 4R70W
Windstar Upper Intake with cool-air intake, MAC LT headers, BBK O/R H-pipe, and flow 40s, SCT tuner, FRPP Alum. D/S, 3.73 gears, Auburn HP limited slip, and Team Z LCAs, Eibach sway bars.
Best 1/4 time: 15.036 @90.92mph, 2.148 60'