A "Me too" here - I have the same problem, and no idea about a fix. Think it might be about not having a grounded plug I just leave mine in sleep mode all the time. I did long before this problem evolved, and it has essentially been on for 6 years, only shut down when I went on vacation and before being set up after a move. I think it's safe.
The iMacs that fry HDs are the G4s, not the G3s, and the power to the HD is off when the iMac is sleeping anyway.