From my experience, you are exactly
right. All of our suspensory-injured horses could be fine pleasure horses,
do 15-20 mile conditioning rides, but 50 miles in competition would push them
too far.
My tiny bit of knowledge on suspensory injuries indicates that the
horse can recover to appear sound and that they can do pleasure rides and
conditioning rides but that under the stress of a 50 mile race the horse might
go lame again. If there is any truth to this, Seabiscuit may have gotten
through his match race on heart and will and adrenaline. He never raced
again, maybe the old injurie showed up.