Please advise as to where you are seeing this setting. In parameters on 3CX the closest I see in regards to these sorts of values is "FAXDIRECTSDP" = modifies behavior of SDP negotiation when the FAX extension is the destination.
No the different versions for FAX T.38 outline information carries in the INVITE message ie: SDP body capabilities - codec capabilities, image transfer, T38 UDP Redundancy, Cpar attributes etc.
T 38 FAX version 0,1 = ASN.1 syntax 1998 supported.
T 38 FAX version 2 = ASN.1 syntax 2002 supported.
3 = ASN.1 syntax 2003 support + V.34 (Super G3) http://www.allfax.com/blog/10041/G3-Fax-Over-VoIP
If there is not version number it is assumed to be v 0 - you would see this in a Wireshark capture.