Loctite 222 - Low Strength (LOC-22221)
For occasional adjustments of small fasteners may be required. Small hand tools can be used to overcome the adhesive seal. Best for 1/4” and smaller fasteners. Temp. range: -65º to 300ºF (-54º to 149ºC).
Loctite 561
Thread Sealant, Semi-Solid Cures rapidly to provide immediate low pressure sealing.
I would say no . The 561 is specificaly designed for leaks where 222 is not.
I have a '91 Dyna and an '03 UC. I use a wrap or two of teflon tape on my primary oil drain plug and then install it to the depth listed in the service manuals. Never leaks from the drain plug. Just make sure that you do not overlap the threads inward. Let any excess width of the tape be outside the drain hole.