NO. Loctite 222 has been recommended as an alternative method for installing outboard BB cups, if the BB shell is not properly faced. Campy recommends "hand tightening" the cups when using 222, but that is rarely practical. You still need to use the proper spline tool and tighten lightly.
I would never use this product instead of proper facing.
You can check the BB shell for adequate squareness with feeler gages. Screw the cups in until they contact a .010 inch feeler gage, then use .008-.012 inch feelers to check for high or low spots. Always remove the paint from the faces before checking for squareness.