Well there could be more than just Steam causing the memory leak; your systems drivers, for instance. I've seen CCC cause this before with various installs (no particular version, just seems like a bad install).
During the time you don't load up Steam, do you play any other games or avoid using any other programs?
You could also try reinstalling Steam by deleting all the files EXCEPT Steam.exe and EXCEPT the folders, so Steam will re-download itself fresh.
I would think that if it were a driver causing the memory leak, it would surface at times when Steam isn't loaded. The only time I get the Low Memory error is after steam has been loaded for a couple hours.
I'm sure it is something in my set up, my niece loads Steam at system startup, and never closes it, it runs constantly on her machine. Also, I looked thru the Steam forums for any similar issues and didnt see anything there about this sort of thing.
I do run other memory intensive apps, I do quite a bit of graphics editing, and I run a couple games that are seriously memory hogs (heavily modded Civ4, heavily modded Oblivion, heavily modded FO3, etc), and never (never) get Low Memory errors with them....
I am hoping someone here has some ideas, I really don't want to create an account on the steam forums just to post one question.
As for re-downloading Steam, I live way out in the boonies, so I only have tier 1 DSL, which means it will take several hours to re-install steam, during which my computer will be basically unusable... I'll do that as a last resort.
I'm hopeing there is more options.