The algorithm for frequency-adjusted tests is actually extremely simple: Pleco gives each card a "weight" which is 1 / its score, puts all of the cards in a big stack, randomly picks a number between 0 and (sum total of all of the weights), goes down through the stack to find the card corresponding to that number (i.e., the card for which the sum of the weights of all of the cards above it is equal to that random number), and shows you that card. So the frequency with which a card comes up is inversely proportional to its score; a card with a score of 200 should show up half as often as a card with a score of 100. So that card had a very low likelihood of coming up, which is probably why it hadn't come up in a few months, but the odds of it coming up in any particular session were still > 0 and in this case the random number draw just happened to point to that card. If you look at the "Statistics" screen you can see how many cards are in that sort of very high score range; even if each individual high-score card is not very likely to come up, if you have enough cards with high scores, the odds that some high-score card will come up in a session are still pretty high.
One other thing: it's a bit confusing, but if you set "number of cards" to "All," the frequency-adjusted algorithm is actually turned off, and cards are shown entirely randomly. This is because if you want to see all of the cards that are available, by definition that means that every card should show up once, so showing some cards more often / less often becomes irrelevant. When we disabled that "All" option for frequency-adjusted during the 2.0 beta test, it made a lot of people unhappy, so we put it back in for that reason. Based on some recent discussions, though, we may stick to our guns and get rid of "All" in Frequency-adjusted again in 2.0.8, and there's a pretty good chance we'll get rid of Frequency-adjusted altogether in the iPhone version.
A better scoring system for you than Frequency-adjusted might be "Random" with the "unlearned card ratio" option enabled / set to something very high (say 70 or 80 percent) - that's a bit more crude than Frequency-adjusted, but it should get those old cards to show up even less often than they do now.
Re your other questions, yes, the only way to lower the score is to give a wrong answer or reset / lower it manually.