No, this option is not mentioned in the manual yet (thanks for the feedback).
convergence fast turns on a series of parameters that most often speed-up convergence, but not in 100% of the cases.
Here is an input snippet that would give you the same result as convergence fast
...
dft
convergence lshift 0. ncydp 0 dampon 1d99 dampoff 1d-4 damp 40
end
set quickguess t
task dft