Will this leak memory?

My feeling is, if the end result is not different, and I have both a safe and risky method of accomplishing it, it's obvious that I should choose the safe way.

Unless it's a school assignment to see how well I can mitigate necessary risks...

Also consider how convoluted your calling is, compared with:

  Serial.print(pascalsToMillibars (barometer.readPressure()) );

that would result from using a static string.