Hi, 454 has two transmissions, speed transmission for gears 1-4 and Lo/Hi/Rev transmission under drivers seat. Bearings in transmissions are lubed by return hydraulic oil from oil cooler. Does the transmission oil pressure light on the dash work?
Where does the squealing noise come from, by clutch area, by the section with the flat cover where you step thru or more under the seat area.
Is the clutch return spring broken and allowing clutch release bearing to contact the pressure plate fingers? Is it the clutch release bearing that you hear squealing?