Sorta.
The source release lacks the menu drawing fade functionality, BUT there's one obscure spot in the source release of an unused 'gelmap' rendering mode for models and it's the same exact color lookup calculation the menu did (but on a different row of colors) so that's adaptable to reproduce the menu fade.
To 'optimize' the effect in software rendering, you would have to reserve system memory for a video buffer, get all the spans to draw on that instead (just for the menu only), and then pull that through the fade lookup and it would be much faster.

long live PCem
FUCK "AI". It is a tool of fascism. We do not need it. We do not use it.
Debian's fucked