The two plates cover the lifters, so yes it is a potential leak if not installed correctly. The oil behind the cover is not pressurized so it won't spray out in great volumes, but it will be an obvious leak. It may seem contrary to logic, but you do NOT want to tighten them very much, maybe 7 or 8 lbs/ft at most. Reason being that you may bend the cover which will guarantee that it will never sit flat again, and you may squash the seal too much and create leaks there as well.
Also note that the front cover has a vent tube which is connected to the PCV valve (if your car is so fitted). The rear cover has no vent.