I have run a 5.7 liter Competition Ski with a Borg Warner velvet drive (fnr) behind a Walter V-Drive for the last 26 years and have fought belt squeal a lot, going through several serpentine belts, but your recording does not sound like belt squeal, although recordings are tough to analyze. Check the gearbox fluid level (Dexron IIl ATF?) dip stick while hot and try to get close to the engine and gearbox to isolate the source of the sound. How many hours on the whole set up? Any reason to suspect shaft alignment?