The explanation of the woodruff key's purpose is mostly correct. In the case of a Pontiac, the compressive pre-load applied by the crankshaft bolt holds the assembly in place. The 160 ft. lb. torque spec. Pontiac's use should be considered a minimum. I torque that bolt with a locktite product to 180 ft. lb. torque to be certain that bolt always has pre-load on it. The reason I said "mostly correct" is millions of harmonic balancers are retained to the crankshaft by a press fit only, no bolt or fastener at all. Vintage small block Chevy engines would be an example. The best possible retention method is a combination light press fit, combined with a fastener and a high pre-load. I would check the torque on your Pontiac bolt. If it's staying tight, you are good.
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