Sounds like a bent pushrod, collapsed lifter or just hasn't been run long enough to get good oiling to the valve train. Takes about 2-3 minutes on a pre-04 LS1 during first start-up. Never heard a squeal though. To check push rods, pull rockers & roll push rods on a glass table. Any wobble is bent. To check for collapsed lifter have to run w/ valve covers off (warning: this will cause a vacuum leak on your car, 'cuz the intake is hooked up to the valve covers. So, plug the PCV lines running to the intake after removing from the valve covers, in order to eliminate the vacuum leak). Watch the rockers while car is running. Collapsed lifter will be the rocker that is not moving up & down as much as the others. Also, will not be pumping as much oil or may not be pumping any oil through the pushrod. Some oil will spill out of the heads into the engine bay &/or on to the headers. So, be ready for it.
Nasty, 12.67 is pretty bad-ass, IMO; especially, if you're running on street tires.
