apologies, a bit slower this time, yes?
the 'full album' modifier (~a) works in quite a unique way. It will override all other limitations in the search string to present all files in the library that match the [album] tag.
Really. for example, if you specify [media type]=audio at the start of your search, and you happen to have image files or video files that match an [album] tag, ~a will list those files too. This is why your exclusion rule at the end is not working.
To get around that, you make a second smartlist that lists everything in the first one, minus any exclusions you want to add. So....
leave the original smartlist as it was: [track #]==1 ~sort=[random] ~n=200 ~a [Last Played]=>=240d
Now, right-click on "playlists" in the tree and click on "add smartlist" (or just hit the F9 key)
In the dialogue that shows, give your new smartlist a name, then a home in the tree, and for the third field, click the 'advanced' button.
You will now see the familiar search field there. Click on the little 'wizard arrow' and choose 'playlist' from the drop-down. Find the playlist mentioned above, tick it, and click the OK button.
Next, you want to add your exclusions to get rid of any unwanted files dragged in previously by ~a, so, after the playlist entry, you would probably want something like:
[media type]=audio -[Genre]=[Audiobook] -[filename]=j:\handheld
Get that in there, and click OK. This new smartlist would be the one you want to play, not the original one.
Better this time?