41 Plymouth Hot Rod Build

I built this engine about 2 years ago, so all I know is I did not use worn parts. It is not leaking at the balancer seal, it is leaking between the lower part of the timing chain cover and the from pan seal. That tells me there is not enough compression on that seal and the only way to get a few more thou is to loosen the cover and the water pump and see if will move slightly. Is it common to have a problem with compression of the seal here and if I do loosen it and let it pull down slightly, do people commonly have problems with the balancer seal leaking? I dont know what else to do.