Bad news, the squealing goes away when the clutch is pressed in....
That is odd, perhaps too much crank end play for some reason? Could be a thrust bearing I suppose, causing a cam pulley to rub? Are you sure noise is from the cam drive area?
If you're thinking that the pressure of the pedal against the clutch pressure plate is moving the crank, it "should" have no effect on the noise other than possible allowing for a very slight rpm difference without the trans turning.
The hub adapter for the flywheel/clutch is independent and supported by it's own bearing. Also the Centa is not longitudinally connected in the middle. So no forward/back motion of the crank can take place with the press/release of the clutch.
Kirk,
I would get a long screwdriver and use it as a stethoscope while it's running or pick up a cheapie from a parts store or Harbor Freight. If you place the handle end on your and "ground" it out hard in your ear, you can pick up a lot of noises in lieu of actually having a stethoscope. I have a cheap stethoscope and it works good, but the ear pieces are not comfortable for a long period of time.
Does it make the noise while driving? Or just at idle sitting still?