I have a similar problem on my 97 8v, although perhaps not quite as loud. In my case, it started about a year ago, and nobody has ever been able to trace the cause of it.
Like you say, it seems to come from behind the steering wheel (I thought maybe through the vents?) and it appears to be dependant on the throttle opening - can't detect it when it's idling.
Appreciate this doesn't really help, but in my case the noise has never got any worse and it certainly doesn't seem to cause any additional problems. I'd be interested to know if you manage to sort it out...