Guys I figured this out last night!
I ended up pulling the little plug/cover off the bottom of the column and pushing the release button. It worked and the key released like normal. All this got me thinking...what and why is this switch not releasing normally? I wanted to see more. Without pulling the steering wheel I removed the two screws from the bottom column cover and popped it down to where I could see inside the column okay with a flash light. *Note, you won't be able to remove the bottom cover without removing the wheel or the knee bolster.*
This allowed me to see the release mechanism which is nothing more than a solenoid. This solenoid is activated when you press the thumb button on the shifter. It locks the key in place and unlocks it in park. I noticed it only working sometimes when pressing the button. I wiggled the wires going to the switch and kept testing. After that I could NOT get it to freeze up again which was great! It almost seemed like the button was just hanging up. At any rate I must have tested it 100 times and it still worked flawlessly. I went ahead and sprayed a dab of silicone spray onto the button of the end of the solenoid hoping if it was just a lubrication issue this would keep it working smoothly. *Note if you are testing this with the key all the way forward in the ON position you will have to press the brake before the shift lever button sends current to the soleniod.*
So if you are putting your truck into park the instant you release the shift thumb button you should hear a click from the column. If not, they soleniod is not releasing.
This all makes sense because why else would Chevy put access to a button on the bottom of the column to release the key? Answer: Just in case you try to start your truck with a dead battery. If the battery is dead the soleniod will not release.
At any rate I'm thrilled with my progress and looks like the shop can eat my shorts!
Hope this helps those out with the same trouble. Ask questions if you have any.
Roland