You may not need to replace your e-brake to get that squeak to go away.
Try these:
1. Take apart the e-brake and clean away all the rust you can from within the drum
2.
http://www.bimmerdiy.com/diy/e36brakesystem Read the part between steps 29 & 30 of this tutorial on Replacing Brake Pads And Rotors. It shows how to adjust your e-brake
3. Try applying the e-brake while the car is moving to remove rust build-up on the drum.
Doing this almost completely removed the squeak my e-brake was making.