I've owned 4 Chevy's from '01 thru '07. None had any adjustment to the cruise control behavior. I think your are remembering something that didn't exist.
I've driven Dodge, Ford and Chevy trucks and use the cruise a lot. The Chevy design is by far the most civilized in how it accelerates. It also hold the speed a lot closer. I rarely see more than a 1 or 2 MPH fluctuation with the Chevy if unloaded. The Dodge and Fords I've driven would fluctuate as much as 10 MPH when unloaded. The Dodge would, as you say, take off like a drag racer when hitting resume. The Fords I drive have quite the opposite effect. They seem to take several minutes to even notice I hit the button and very very gradually get back up to speed.