Yes, it should.
UPDATE:
My 1st one was for G17/22' It fit very snug in my Blackhawk Serpa holster and my Bulldog Thumb Release holster. I found that if I put 2 layers of masking tape down the length of Slide area that fits into holster. Then put Holster only, in a 250 degree oven for 1/2 hour, Place pistol in 'HOT' holster and let cool naturally to room temperature (don't put in 'fridge or freezer). It will allow 22 Conversion to fit much better without needing extra force to get pistol into or out of holster. If it's not loose enough for your liking, add another layer of tape to slide and repeat procedure. Mine is still a 'little' snug in Blackhawk holster, but slides in and out of Bulldog holster very nicely. Heating holster allows holster to expand, when it cools around pistol it can only constrict as much as Slide will allow.
Good Luck.
It may be a little tight. I bought the G17/22 Gen3 conversion. I fits in my Blackhawk and Bulldog holsters. However it is quite snug. When holstering it may move Slide 'out of battery'.
I put holster in a 250 degree oven for 1/2 hour. I put masking tape on Slide on contact surfaces. With heated holster, pistol fit in rather easy, even with tape. After it all cooled down I took pistol out and removed tape. Pistol still fit a little snug, but was easier to holster and draw. I may try again with 2 layers of tape.