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there is a program (not free) that can limit steams download speeds
http://www.netlimiter.com/
else, let steam download games overnight and kill it when you want to play
Thanks for the help.
http://seriousbit.com/netbalancer/
Also not free, but there is a free version, limited to 3 bandwidth groups, which should be enough if you just want to limit only Steam Client's bandwidth usage.
Their site says: "The unregistered version is limited to a maximum of 3 process priorities/limits and 3 rules at a time. Since version 6.1 all other limits have been removed."
Hope this helps someone. Since we are all waiting on Steam Client's own download bandwidth management functionality.