No. (If exchanging data with 800k-drive-Macs were this easy I sort of think it would have been documented by now.)
It may well be "possible" to format a Double-Density floppy to 720k with HFS instead of 800k on a Mac equipped with a "Superdrive"* (I honestly have no idea, it seems like sort of a pointless thing to do), but the IWM controller in the Mac 128k->early Mac SE/original Mac II is incapable of reading a 720k MFM formatted disk. And of course a PC disk controller can't handle the 800k GCR Mac format. This isn't an artificial software limitation, the state machine inside the IWM simply can't do it. (It's hardwired to depend on every 8th bit always being a "1" and throws errors if it doesn't get state transitions at the correct times. An MFM format breaks these rules.)
*Since many (most?) Mac II's were upgraded with Superdrives and SWIM disk controllers your memory may well be correct, although, again, I'm not sure how you'd do it or why. If you're using a DD disk and putting a Mac format on it you probably want to exchange data with Mac Plus-sort of machines which wouldn't be able to read your MFM-format 720k HFS disk.