Bulldog, I doubt it would.
I put both the Ghost Ring sights AND the Lever Scout forward scope mount on my 1895 GS .45-70, and they worked beautifully. I used the scope just to work up hand loads, and then returned it to my Savage .308. But, know what? I liked the rig so well that I just left the scope mount in place. Maybe one day I cn afford another Leupold M8 Scout Scope.
Do you already own the Lyman peep? I don't have any idea of the heights of their various aperture sights, but one would have to be VERY low to have the line-of-sight obscured by the LS scope mount. I think it'd work fine.
Now, my stuff is a few years old, marked Ashley Outdoors, but I understand XO (XS?) is producing the identical products. And, while I've used Lyman, Redfield, and Williams peep sights, I can't say enough about this Ghost Ring setup. It is capable of precise (though not
rapid) adjustment, is extremely quick to use in the field, and is sturdy enough to make an anvil seem delicate.
Let us know what you end up using, please.
Best,
Johnny