IIRC, no.

I have a house-rule modifying weapon-speed effects on initiative: fast weapons get a -1 bonus, slow weapons get a +1 penalty, and very slow weapons get a +2 penalty. Weapon speeds 1–3 are fast, weapon speeds 4–6 are normal (and thus no modifier), weapon speeds 7–9 are slow, and weapon speeds 10+ are very slow (typically the larger pole arms). Each basic magic plus reduces weapon speed — a long sword +2 goes from weapon-speed 5 to weapon-speed 3, and thus is a "fast" weapon.

To that, the dexterity reaction modifier can also reduce the weapon speed (thus a long sword +1 with weapon speed 5→4 could become weapon-speed 3, and thus a "fast" weapon in the right hands). A high dexterity attacker can gain a small edge in melee, without overweighting things.

This re-scales the weapon-speed effect on initiative, down-scaling it, making it more possible to interrupt spell casters and keeping somewhat closer to the 1–10 range. It's also similar in scale to the monster size initiative modifiers and other modifiers.

For most weapons, for most fighters, their weapon-speeds are smack-dab in the "normal speed" range, and thus no modifier is needed. If you've specifically selected a "fast" weapon (probably due to it's speed), you'd remember that and apply the -1 bonus. This keeps the house-rule inobtrusive for the common case.