I want to know whether 1e-04 is considered a good convergence value for hypersonic turbulent (steady state) flow past bodies. or the traditional value of 1e-06 is the way to go about it?
In hypersonic, converging the subsonic flow regions to that kind of tolerance, 1e-4 or 5, may be very difficult, so often times we relax the criteria even more than that to 1e-3. The hypersonic region of the flow will have a better convergence than the subsonic one so.
Most hypersonic flows are laminar with extremely thin boundary layer that's why we normally we use Euler equations to solve them. Unless you have plasma dynamics and reactive chemical equations then you convergence will be very tough due to embedded source terms in your equations. I would suggest search for publications of S. Shahpar and others in hypersonic flows.
These numbers are meaningless. You must specify that 1.e-x is relative to something, otherwise if you deal with numbers of say 1.e7 even 1.0 is very small , if you deal with numbers 1.e-4 , even 1.e-4 is huge (100% error). Therefore I recommend residual 1.e-3 of a typical momentum value ( for the velocity equations) i.e. of product density times area times velocity squared, and for continuity equation 1.ε-3 of ρ*Α*u , and for enthalpy 1.e-3*ρ*A*h*u