No, if I constrict the airtubing the bubbles cease and the pump makes a low grumble.
However, because it was driving me crazy, I continued trying to solve my valve dilemma. I think it's actually the valve squealing, not the pump. Strange because it's a new valve. I positioned the valve near the pump and it sounded like the squeal originated from the pump. I think.
Let me look into my crystal ball for Kingfisher's answer to my problem.....
"....go buy a new valve for 79 cents....."