My car (which has an old Chevy 305) sounds awesome when cold (and when warm), nice and gurgly, and it feels like it has slightly more power probably because there's more fuel going in there vs. air when it's cold. It might just need tuned. I would never give it any revs when it's cold though. They build everything with a little tolerance for temperature anyway.
I'm a big fan of Wheeler Dealers and a lot of fans hate it when Mike Brewer goes to see a classic car, and the first thing he does is turn the engine on and (cold) rev the crap out of it.