Being a new member to this forum, I have not researched previous posts on brake dust issues and squealing, so here's my humble opinion.
After having owned 15 MB's over the last 20 years, I would never recommend a brake dust shield on any car. If you are a less than enthusiastic driver, live in a cooler climate, and do not tow anything, you may be lucky and not have any overheating or warpage issues.
Mercedes and other manufacturers spend considerable time and effort in keeping the brake components supplied with adequate ventilation in order to eliminate brake fading and overheating during normal use. Any kind of shield totally negates this.
If you are really serious about eliminating brake dust, change your pads to an approved composition that does not deposit as much dust as the factory pad.
A good recommendation is the Rotex pad, which has German TUV approval.
This pad is quiet, has high initial grip, stops well, does not cause excessive rotor wear, emits about 50-70% less dust, and will last slightly longer than the stock pad.
Brakewarehouse.com – Brakes, Brake Pads, Brake Rotors, Calipers has these pads at adecent price.
I have used these pads on the last 6 of my MB's with great results and zero problems.
The squealing problem is caused by a high frequency vibration of the brake pad against the brake piston surface. It usuallly occurs at slight to medium braking application.
Some pads have anti-vibration shims to help stop this, but a better solution is to spray a thin silicone coating on the back of the pad before reinstalling. This thin coating absorbs the vibration and stops the noise. This product is available at any auto parts store.