Tried to do this with Wonderful 101, didn't work. From what I can gather, it's not so much if the MSRP had ever been above $40, but just if the current MSRP in the system is above $40. That, or they already patched the system. Or, another possibility, the Target I went to was just awful, since no one had even heard of this promotion (tried to get them to apply it manually, since they didn't even check Toys R Us when I got it price matched).
Wish my normal Target had any Wonderful 101 in stock so I could just go there.