I have a 2000 GMC with the 5.3 at 182,000 miles.Before everyone gets the idea that the 5.3 is bombproof, here's a news flash. It depends. The 5.3 they build today is very different to the engines produced in the early 2000s. I know this, because my 2001 Tahoe developed piston slap in about 40k miles. I ditched it for an Xterra in 2005 thanks to GM's knack of making leather seats that feel like plastic and interior trim of such low quality it would make a QA guy at Mattel cry.
These motors will knock on a cold start and mine is/was no exception.
This is a known phenomenon and not a hinderance.