The big danger from Glacier Peak would be potential the lahars. While it has been several years since reading about the impacts of Glacier Peak lahars it could be bad news for some folks; my memory may be wrong on the exact details but as I recalled
Some 12,000 to 13,000 years ago the several of the lahars reached Puget Sound with one flowing down the Sauk/North Fork Stillaguamish reaching the sound at Stanwood while depositing something like 6 feet of sediment at Arlington. At that time the Sauk flowed down the Stillaguamish basin. The other lahars in that period as well as several 6,000 to 7,000 years ago all flowed down the Sauk/Skagit again reaching Puget Sound. It may have been that the effects from lahar flowing down the NF Stillaguamish valley that led to the diversion of the Sauk to the Skagit basin -speculation on my part.
There have been a number of lesser events with more limited outflows; confined mostly o the Suiattle and Whitechuck valley though obviously there would be impacts on the Sauk and potentially the folks at Darrington. I don't think there have been significant events in more than 1,000 years.
A late winter/early spring timed event would be worst (more potential snow melt to drive the flow). Is the mountain due for another period of eruptions?
Curt