I had a sqeal under load on my 01 cobra powered Bullitt. It has sat for a few weeks started it up today and water pump is leaking. Could that have been my sqeal??
It's possible. Take the belt off and see if the shaft has play in it. If it does, the water pump is done. The bearing could be squealing or when the pulley moves it could loosen the tension on the belt and cause the squeal.