I say this every time it comes up... But you 96+ Vortec guys who want to delete cats or post cat O2 sensors are really making it hard on yourselves with all these "O2 simulators" and dummy cats and whatnot.
Look up Black Bear Performance (or any of the other reputable tuners who support these trucks), pay them $300 for a tuned PCM, request that they tune out your rear O2 sensors, and enjoy. Plus if you have a 98+ truck you can have them disable PassLock. PLUS your truck will be much more responsive and fun to drive. PLUS... You'll have a spare PCM if you ever want to go back to stock. I know it's $300, but it's the best $300 you'll ever spend on your truck. Takes ten minutes to swap out the PCMs.
To answer the original question of "how long before this throws a check engine light?" My guess would be you'll see it in a day or two. Sometimes codes take a few drive cycles to register.
Edited because my grammar sucks.