This is a good answer from 2012:
https://serverfault.com/questions/342741/what-are-the-ramifications-of-setting-tcp-tw-recycle-reuse-to-1#434669
As of 2018, tcp_tw_recycle exists only in the sysctl binary, is otherwise gone from the kernel:
https://github.com/torvalds/linux/search?utf8=%E2%9C%93&q=tcp_tw_recycle&type=
tcp_tw_reuse is still in use as described in the above answer:
https://github.com/torvalds/linux/blob/master/net/ipv4/tcp_ipv4.c#L128
However, while a TCP_TIMEWAIT_LEN is in use:
https://github.com/torvalds/linux/search?utf8=%E2%9C%93&q=TCP_TIMEWAIT_LEN&type=
the value is hardcoded:
https://github.com/torvalds/linux/blob/master/include/net/tcp.h#L120
and tcp_fin_timeout refers to a different state:
https://github.com/torvalds/linux/blob/master/Documentation/networking/ip-sysctl.txt#L294
One can relatively safely change the local port range to 1025-65535.
For kicks, if there were a situation where this client was talking to servers and network under my control, I would build a new kernel with a not-to-spec TCP_TIMEWAIT_LEN, and perhaps also fiddle with tcp_max_tw_buckets:
https://github.com/torvalds/linux/blob/master/Documentation/networking/ip-sysctl.txt#L379
But doing so in other circumstances- if this client is behind a NAT and talking to common public servers- will likely be disruptive.