I have a 97 LT1 and am having some difficulty figuring out how to remove the harmonic balancer could anyone help with getting me out of this mechanical dillemma?

Welcome
Check to see if it has bolts like the 94's & 95's do. Just take the bolts (3) off and remove the pulley. This will give you enough clearance to replace the distributor cap. You don't have to pull it off the crankshaft. You need a deep well female torx socket for the dist. cap (size E4). I'll warn you those screws tend to break off in the distributor and you end up buying a new distributor that comes with a cap & rotor.