No, "Druken MasterKiller" is not really part of the "MasterKiller" collection. They just named it that so dumb Gwai Lo would buy it.

Part 3 is about Fong Sai Yuk getting sent to Shaolin Temple for discipline. San Te takes him under his wing, and then helps him fight the local govenor who wanted to recruit Fong Sai Yuk to join his militia.