Hi, Homeless!
The short answer is yes -- you can use the 551LSW behind the gutter rail.
This is because the 551LSW is the Non-Leveling/Non-Sag. This product is designed for use on vertical surfaces like your sidewalls.
BFlinn181, I believe what you were referring to would be our Self-Leveling Lap Sealant (501LSW). The Self-Leveling is for horizontal surfaces like your roof and would not be appropriate in this application.
I hope this answers your questions and clears up any confusion! If you have any further questions, please feel free to contact Dicor at 574-264-2699!
Good luck with the repairs, Homeless!
Safe & Happy Travels!
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