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A few different issues here.
First, you should be aligning with the true pole, not magnetic pole. If you are geographically aligned with the earth's rotation (the point of polar alignment), then precession is not an issue (ie, the rotational axis of the earth doesn't change relative to the earth, just to the stars (ie, the 'wobble). However, even precession is in the order of several life times, so you have little to worry about.
In reality, temperature changes tend to have little effect, unless you experience consistent ground freezing - in which case you can have enormous problems (the reason why our US based colleagues pour massive amounts of concrete below the frost line for their piers).
Achieving perfect level is not necessary for an equatorial mount - however it does help with the polar alignment process. Adjustments to one axis will affect the other with a non-level mount.
So, in short, the answer to your original question is "no".
:-)
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