Joking aside, 5w-20 is too thin for a Subaru of that age. Some people even think the recommended 5w-30 is too thin regardless of outside temps. Remember, when the engine is at operating temperature, it doesn't care what the outside temp is. Running at 180 degrees is the same when it's 100 outside or if it's only 15. With that said, on a cold-weather, short-trip Subaru, you may benefit from a 0w-30. Personally, I'd use a cheap synthetic for better cold start protection regardless of what weight you go with. And if you're a Wal-Mart shopper, SuperTech syn would be just fine for a car of that vintage. No need to get fancy.
That said, after experimenting with a few different weights, I've come back to using the recommended 5w-30 in my 2001 2.5 Impreza year round (it 'likes' Valvoline SynPower best). For a daily driver, there's no real need to deviate from that.
Make sure the timing belt was done somewhat recently. Idler bearings and water pump, also. The head gaskets and valve covers are also known leakers.