If it goes away when its warmed up, it's fine. GM intentionally designed the pistons to fit loosely in the bores to allow for room for expansion under hard use when things really heat up in there. This saves the bore from serious wear from too much friction. If you look at a high mileage LS1 block that's been disassembled, the cross-hatch is still clearly visible.
My car slaps when cold but goes away after a couple minutes. I used to hate it and thought I got a lemon, but now that I know better, I'm kinda glad I got a slapper then one that doesn't. It just means less pressure on the rings when hot and under hard driving.
Jason