Works best if you set convergence for WHERE YOU ACTUALLY GET HITS. Dont think about other stuff, like strafing or buff hunting, when setting convergence for fighters. That way you're hitting wiht all guns at a point. Few things worse than working for that beautiful passing shot, closing and running over their flight path, filling firing, and seeing non-lethal pings along both their wings instead of centered (followed by pretty red colors).
Convergence is particularyly important with 50s (and even moreo with 303s). With those guns, it also makes a big difference if your wings are in the same "plane" as his. If convergence set out past the actual firing range, and if you're rotated out of the target's plane, its entirely possible to have the target fit safely between your streams of bullets above and below him....whch will make you sad.