Harmonic balancer oil leak in magnum.

Yes it would. The balancer does not need to be fully torqued before tightening the cover, but definitely on all way by hand or hammer and wood block etc., so the seal is not on the chamfered part of the balancer hub. Check the timing cover for gouges where seal sits when you remove it. If ok, install a new seal in the cover, then post two clear pictures here before installing the cover, one of the inside showing the seal, and one of the outside.