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"Last race within 30 days" was one of those prime rules way back when I started handicapping, with the exception generally given to stakes caliber horses.
But from what I see, horses don't run as frequently as they did in those days and the rule is hardly as meaningful. I remember the Sullivan and Adams comment on the rule back in the mid-70s. They noted that while it seemed to be a way of eliminating non-contenders, that some incredibly high figure (say 75%) of horses had run within the last 30 days, so the "rule" really didn't have much impact. No doubt this had been observed by others, but this was the first time that I had seen it noted.
For me, it comes down to the odds and the trainer. Some can bring a horse back after an extremely long layoff, it can even be considered a specialty of some just as some seem to have a knack of scoring with first-time starters.
The horse that you're referring to was third choice in the betting at 4/1. I'd have probably wanted more than that, but since there was its layoff plus an entrant with no usable pace lines, for me that's a double-unknown and reason enough to just sit back and watch.
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