Might be fine with an EX engine but nothing you want to use in a Certified build.
One thing Lycoming noted about non approved sealants is people select a sealant like you mention, but that sealant was never approved to be used between critical machined surfaces. Most of those sealants are designed for timing case covers and oil sumps essentially engineered as a gasket replacement.
In those applications, even after torquing the fasteners the sealant has a measurable thickness. It then is prone to a slow creep out of the joint.
Two issues here, the slight thickness imposed by the sealant reduces bearing shell crush right from assembly.
Second the chance of slow creeping my result in loss of torque on through fasteners. Nether is a good thing.
There are sealants that could be considered safe such as those used on case halves of motorcycle engines as well as outboard motors. But I would truly not go there on a Certified engine and make sure you truly understand the sealant's properties.
The recommended and approved Locktite 515 is derived from that family of sealants.