If it's one that's seized or hasn't been run in a while, NO! You will either strip the thread or break the bolt on a seized-up engine. If it's free to turn, no problem. The 7/16-20 bolt can take 70-75 ft/lbs of torque without a problem, which is much more than a running engine needs.

Some balancers have a squared-off hole in the front that will accept a 3/4" square drive socket extension. If so, that's the best way to turn the crank, using a 3/4 drive ratchet or a breaker bar.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!