Paul - No, not at all. If the other judges didn't see it then the lift would be good. Sometimes less experienced judges don't realize that they should raise their hands. In some cases they may have seen it and just not raised their hands to signify it.
Now, if the judge did not know the rule and did see the elbow touch, then he might consider reversing his call and redlighting the lift. When I have younger or newer officials I tell them to be sure to riase their hands if they see an elbow touch or someone "hitching the bar up the chect" or a "double dip." Pressouts can fall into this category, but they usually are right at the end of the lift as opposed to elbow touch or hitching.
Let me know if this isn't clear. - Marty