Sounds very much like octane pinging, like marbles in a soup can, and it deminishes as you let off the throttle. If you punch it at say 40 MPH and it starts the pinging again then it's octane knocking. I would assume that your 'Knock sensor' is not working anymore. You have an LT1 engine and it should set a code if the knock sensor is out of commission. I'd have a shop check the ECM to see if any codes have been set. I'm not sure of your perticular owners manual, but it should tell you what octane gasoline your engine takes. good luck.