IsFixedTimeStep determines whether or not the Update call is made every Xth of a second or run continuously. What you need to do (I dont have an XNA PC here, so the property name is probably wrong, but i'm sure you'll find it) is set
graphics.PreferWaitForVerticalTrace = false;
graphics.ApplyChanges();
That way the Draw command will run as fast and as often is it can.
N