1st - "There have been several documented cases where people have been seriously injured or killed by working inside of a PSU without the proper knowledge"
With the PSU UNPLUGGED (COMMON SENSE), please provide a reference. The ONLY danger is if the PSU is connected to the AC and you come in contact wth the 120 VAC (USA - 220/240 AC for some other countries).
In this case You have to unplug the PUS, remove it to dissassemble to change the fan - dah who would plug the PSU back in to dissasemble.
2nd to correct an incorrect statement: "PSU's have capacitors in them than can hold a lethal charge for months after being disconnected from power)" - Not true - well maybe if you have a pacemaker and try sticking the cap to your chest.
Explanation - Max Capacitor voltage charge in a computer PSU would be less than 24 VDC, Max on an output filter cap would be +12V. Lethal requires a few milliamps for a given time. Body resistance is typically >100Kohms - for most much greater (20V/100 K = 200 uAmps max). DC is Not like AC, with DC the Muscles contract causing your Pinky to "jerk" away VERY fast (PS Most would never know they touched a cap chaged to 12V anyway). I do speak from experience as I've been zapped more than once - highest was approx 30 KV, Not pleasant and yes it set me on the floor.
Concur, if under warranty then RMA it, or return to store for fix/replacement.
1) The noise you are hearing at startup/spin down is a warning that it will probably fail sooner than later, therefore not advisable to just make it run all the time - Replace the Fan.
2) If you opt to replace fan (which is what I would do), not difficult.
... Buy a replacement fan, same size.
... If PSU fan uses a connector that will mate to new fan - what can I say.
... If PSU Fan uses a NON-standard connector, or is soldered on to Board:
a) Cut PSU fan wires about midway.
b) Cut new fan wires to an appropriate length
c) Three options to connect new fan (Observe polarity -wire colors):
... 1) strip & Solder the Fan wires to the old wires and tape.
.... 2) strip & twist together and tape.
... 3) (My choice) Buy some crimp connectors, crimp a male to one end and a female to the other end, and then plug in. Crimp connectors are avail at an auto store for a couple of bucks, Best to use a cheap crimping tool instead of pliers. I always have these connectors around along with a crimping tool as they come in VERY handy for many uses.