It would certainly cause distortion, although I don't know why it would only be one channel.
I have an LP which has a hole that is off by more than the diameter of the hole itself. I just drilled a new hole with a forstner bit. Worked fine.
I have an LP which has a hole that is off by more than the diameter of the hole itself. I just drilled a new hole with a forstner bit. Worked fine.