Harmonic Balancer issues.

[Sport/Truck]

I’ve been prepping the motor with fresh new alternator & power steering brackets. I have a new water pump pulley coming from Southern Parts.
While looking at everything I noticed something out of whack on the crank pulleys. What I found is the rubber on the HB is starting to push out a little.
Is this something that need immediate attention or can it wait? The balancer is not loose or anything just a little of the rubber is stating showing.
I searched for some answers and found some that confused me-(not that hard to do) lol.
I read that older engines had small HB’s. Mine is a large 8in and looks like Ragen’rat’s.
(Except his looks really nice with a chrome pointer and all)
It’s also on a short water pump. Does all this sound correct?
Thanks.
s/t