A squeal at cold start is often a drive belt, but could be the pump. The impellers are metal, either cast or stamped, and don't disintegrate, so no bits to really worry about. I'm not sure why others got caught up on the temp compensation board. Your symptoms of a cold top rad and warm bottom rad were consistent with pump failure as long as the engine was allowed to warm sufficiently to open the thermostat, plus yours is an early 240. Still, could be a gauge problem if it's just a loose belt.
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Dave -still with 940's, prev 740/240/140/120 You'd think I'd have learned by now
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