This is a couple weeks old.... but yeah, 100% normal and I have yet to read of a single engine failure from this condition and GM produced about 4 to 5 million trucks/vans/suvs before GM "fixed" the issue in late 2002. My truck uses less than a 1/2 qt of oil on a 5K oil change (mobil one synthetic). I know people with over 200K on their 5.3's. Mine is only audible if I take off on a cold morning as soon as I start the truck. If I let it warm up for at least a minute, I never hear it. And like you mentioned above, if it's about 50 or so out (or the truck is already warm) it never does it.
The problem is that GM was using new types of metals/rings on the pistons and later discovered the cold start knock after millions of trucks had already been produced.
For what it's worth, I've read Toyota Tundra owners (last body style) had this problem too
