Because rated for both 30 and 40W, the arc current would be somewhere below 0.35A [...]
The label on that ballast means the F30T12, not the F30T8. That's a rapid start ballast, and so can't run the latter lamp. The F30T12 is 90V and 0.43A.
That ballast would be from the 1950s, and could very well be full power. It's LPF though, so once the lamp reaches full arc voltage, it probably would be less than the full 0.43A.
If you're still considering a fluorescent lamp ballast, look for the Advance R-140-1-TP. It's a modern, single lamp, HPF, full power F40T12 ballast. I have one which powered my own 50W MV fixture for a long time.