I've spun a few bearings in my day, and i never heard one squeak, it seems to get louder when u put the cam close to the front of the engine, water pump could be seized up or another accessory, i'd pull the belts and hand spin every pulley on the engine, and the revving it up to 1500 to 2000 grand and letting off vid would help for bottom end noise, or just hold it to 3 grand, if its a bearing u will hear a hard knock, try taking a long screw driver, and put one end on every thing u can on the front of the engine, (while its running) with your ear to the handle, do this on the valve covers and the exhaust manifolds where they meet the head, u wont believe what u can hear.
