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There could be many different uses for a pace fig. The last race might indicate shape. But what if the last race was on a different surface and/or distance? On the other hand, using a similar key race might indicate what a horse could do on today's surface and distance and has long shot potential. But if it is eight races back, we might not be talking about the same horse. Then there are various aggregates such as best of last two or best of last three etc. But many of these combinations may not contain a similar key race and days between races may screw analysis up even more. Just having a pace fig or any other factor(speed, class, etc.) doesn't do the trick all by itself. It's how one uses the stat that counts.
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"The Law, in its majestic equality, forbids the rich, as well as the poor, to sleep under bridges, to beg in the streets, and to steal bread."
Anatole France
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