A little down the tubes is good, it ensures that the wheel bearings have plenty of oil. If the oil level is too high, oil can leak past the axle seals and contaminate the brake linings.
After the truck has been sitting for a while, the stock oil level can starve the bearings until the oil works out to them. The full mark on the Mag-Hytec cover should help get oil to the bearings faster, while keeping the level safe for the seals.
Dave