GM motors (all of em) are prone to piston slap at cold start-up. Its basically caused from the cold piston "rocking" back & forth slightly inside the bore. Once the piston heats up and expands...it fits tighter and the noise stops. I've heard brand new motors (both factory and modified) do it. I've also heard 200,000 mile motors do it. Obviously, this situation is not great for the skirts or rings but, its not the end of the world either. The general attitude toward piston slap is "let it be"...its not worth a tear-down. The bigger question is: Is that really what the noise is? Frankly, it could be many things. You should consult a pro engine guy, and see what he thinks. If it is crank bearings, wrist-pins, or some other important component...then all bets are off. If it is indeed piston slap...just turn up the stereo until it warms up.
I agree on the oil treatment. My 240,000 mile 5.7 (99 Burban) had some annoying lifter-clatter at start-up. Obviously, it was all gummed-up with varnish and I was planning a tear-down and new lifters. Figuring I had little to lose...I tried some stuff called "Rislone". I approached it with a "this is total bull****" attitude. But, I gotta say...it worked. The motor is whisper quiet and runs great. Saved me a ton of labor and about $500 in new valvetrain parts.