For
Game of the Month games, I have a crack team of specialists (other Civ 4 players) to help me out in deciding where to move the initial Scout and Warrior and what should be done with the Settler based on the info that is revealed by moving the Scout or Warrior.
Since we get a screenshot of our games several days before the game's saved game is released, we have potentially several days to analyse the starting position and to think about the best opening moves possible.
Let's assume that you call the initial turn "Turn 0."
In those Game of the Month games, I'll probably settle on somewhere between Turn 0 and Turn 2.
In other games, where I don't spend a lot of time analysing the starting position, I'll probably settle on Turn 0 or Turn 1.
While it is possible to get a better starting position if you wander for 5 turns, it is also very likely that you'll get a worse position, seeing as how initial Settler locations often come with additional "hidden" Resources, such as Copper, Horse, Iron, Coal, etc and because by wandering, you probably still won't see the full fat cross when you settle.
Even if there is a great location 5 turns of movement away, then you can either obtain it with an early Settler or can build an army to take it away from the AI that settles there first.