If you had a swing-keel boat (the O'DAY 22 is a Keel/Centerboard) then YES, you would want to lock the keel down while sailing, although it would still be unlikely that you would encounter the likelyhood of going over far enough to have the keel retract in a knockdown anyway. O'DAY never built any "Swing-Keel" boats, prefering to build Keel/Centerboard designs that had all of the ballast located in the shallow, stub-keel with an easy to raise/lower centerboard to reduce leeway and help with directional control. O'DAY's designers saw this as an advantage over the swing-keel designs that basically had no directional control once hte keel was retracted into the hull (a true centerboard boat has same problem) great (and true) theory except that one rarely completely retracts the keel on those swing-keel boats. Our family owned a CAL 21 (one of those "swing-keel" boats) for 38 years and always had the keel locked down while sailing. The CAL was a unique design in that she was really a true "Retractable-Keel" since the keel was designed to be locked down after launching and a board filled in the open slot in the bottom of the hull, the winch and cable was then removed and she became a "fin-keel". If trailering, you had to perform this process each time you launched and hten undo it to haul out.... belive me it was worth it! However, we kept our boat in hte water on a mooring all summer..... if we trailer-sailed, I think we would have bought a centerboard MARINER, much easier to just retract a centerboard that isn't locked down.
Anyway, back to your 22. The centerboard contributes very little to stability since it weighs around 30-50# (depends who's figures you read!) just enough to make it negatively buoyant. The real stabilizing force in the 22 is the 700# of lead contained within the keel itself. The centerboard wil lmake the boat sail better into the wind and if you experiment with adjusting the angle of the CB at different points of sail, you will find it is very useful for balancing the steering of the boat. If you sail with just hte mainsail, raise the Cb slightly and you will find you have less "weather-helm" or tendency of the boat to try to turn into the wind as she sails. Lower the CB more and you will reduce "Lee-Helm", the tendency of the bow to turn away from the wind.