I'd agree it sounds like a spun bearing...it can still have good oil pressure because the wear isn't between the bearing and crank journal,it is the bearing rubbing on the block or rod that makes the squeaking..
I've heard a front pump bushing in a TH350 made similar noises also..
One of my friends had a low mileage Mr.Goodrench new engine that never seemed to have much power --it didn't smoke,burn oil,or make any weird noises until one day after a cold start he had similar squeaking,which would go away after it warmed up almost completely..
One day he decided to take the engine out after he took the truck apart for a frame off restoration (it was a '72 K20 ),and he pulled the oil pan off and saw metal filings--he took the rod & main bearing out and found 4 of the rod bearings and one main had spun!..crank was still smooth as a mirror too,no scoring on the journals..