I've seen it happen on a configuration that has a "zero drive", meaning no drive snout. I'm fairly sure the compressor for the 5.4 has a short drive on it. On the zero-drive setups the pulley can wobble if the bolt isn't tight. Normal direction torque keeps everything snug for the most part, the problem is during sharp RPM drop, like during a WOT upshift. I'm not sure if a similar scenario is even possible when using a drive snout.
They can sell you a seal, ask for Michael. He knows parts well.
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"James B." '99LT_Tahoe4Dr2WD, Tuned L29 Vortec 454, 62#Injectors, Cutouts, 4L80-E 10.5"14bolt ,EatonPosi-4.56:1, Gear_Vendors, HydroBoost, (NEXT: Brodix heads, 230/240 cam, SS roller rockers, longtubes, THEN: Intercooled W200R-8psi in the future...)
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