I have a couple of those drives and 5.25" adapters. It doesn't change drive operation--the drive is still sensitive to the "media sense" hole. The 720K/1.44M mod that the document talks about has nothing to do with media density, but rather whether pin 34 is READY or DISK CHANGED. Try it yourself. I can include a photo of the adapter PCB if desired.
Here's another one which, at first blush, would seem to do what you're asking, the
Samsung SFD-321B. The document says that it honors pin 2 "density select", but that's only partially true. That pin, if jumpered, only selects between 1.6M and 2.0M operation if high-density media is inserted (1.6M = 360 RPM high density; 2.0M = 300 RPM high density). You can't force 720K mode with a high-density floppy inserted. FWIW, the SFD-321B is my "go to" drive when I get requests for oddly-configured drives, such as some of those used in Mitsubishi PLCs where pin 34 is "ready" and pin 2 is "disk changed" and high-density operation is 1.6M.