Apparently it's very common for LS1s to be noisy. I've watched several videos of LS1 cars that sound exactly the same as mine on a cold start and many people comment on the these videos saying their cars do the same thing. I think if the sound goes away when the car is warm, you don't have much to worry about. But I think it's important to let it idle until it warms up to operating temperature before you drive if that's the case.
I know that the PCV system can cause oil consumption as well. There is a new design for the PCV valve that is supposed to reduce oil consumption. It has a smaller hole so less oil can get through it. It might be worth a shot if you have oil consumption problems. Don't buy this part from WS6store though. Get is from Advance or NAPA for 3$:
http://www.ws6project.com/user_stor/...e-new-design-/
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2000 Camaro SS SLP
SLP Lid, TSP LTs, TSP Catted Y, SLP LM1, Koni SA 4/4, BMR Lowering Springs, Founders Performance LCAs and Panhard Bar.
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