Update: Ok, I think this works:
- File / New Folder / "75% Recent, 25% Library"
File / New Smart Playlist / "Recently Added (750 songs)"
- Date Added · is in the last · 90 · days
- Kind · is · Mpeg audio file
- Podcast · is false
- Last Played · is not in the last · 1 · days
- My Rating · is not · 1 star
- Limit to · 750 · songs · selected by · random
- Match only checked songs
- Live Updating
File / New Smart Playlist / "Library (250 songs)"
- Kind · is · Mpeg audio file
- Podcast · is false
- Last Played · is not in the last · 1 · days
- Playlist · is not · "Recently Added (750 songs)"
Limit to · 250 · songs · selected by · random
- Match only checked songs
- Live Updating
Drag the two playlists into the "75% Recent, 25% Library" folder; then in Party Shuffle, set "Source" to that folder.
Both of the sub-playlists have to have the "Last Played" rule, or else they will never update, and you'll always get exactly the same 250 "old" songs.
(Instead of a folder, you could also use a third smart playlist with an "or" of two "Playlist is" rules, but by using a folder you can close the triangle and not have the two sub-lists taking up space in the window.)
I wish there was an "hours" option instead of just "days": I'm ok hearing the same song twice in one day if it's a brand new song.