Screeching is usually rusting bearings. Mine sounded like a jet engine winding up for takeoff. Your pump might last a few days, might last a few months, if you can stand the noise--but unless you're able to replace/repack bearings, I'd start looking for a new motor for your pump. (Mine was an AO Smith motor on a Hayward pump, too). Mine was 1 HP and found exact replacement online for $189, delivered in 3 days....