It is crap. Y have you not tried Nod32. My personal favourite is spy sweeper for a good spyware software. I use nod and spysweeper at the same time and never have a virus problem ever.
In my opinion Mcafee can not trace the keylogger in your pc. If you are installing keylogger in your pc and you set the exception in that means rights for that, then it would be possible that it may be traced by the mcafee anti-virus. Otherwise it is not possible to trace the keylogger by the Mcafee.