That's an 'interesting' (and worrisome) problem - section DB Engine Version Management within chapter MySQL Database Engine in the Amazon RDS Technical FAQ seems to imply that restoring an unsupported MySQL snapshot might not be possible anymore in fact (even though it is nowhere stated explicitly):
Does Amazon RDS provide guidelines for supporting new MySQL version releases and/or deprecating MySQL versions that are currently
supported?
[...]
We intend to support major MySQL version releases, including MySQL
5.1, for 3 years after they are initially supported by Amazon RDS.
We intend to support minor MySQL version releases (e.g. MySQL 5.1.45)
for at least 1 year after they are initially supported by Amazon RDS.
After a MySQL major or minor version has been “deprecated”, we expect
to provide a three month grace period for you to initiate an upgrade
to a supported version prior to an automatic upgrade being applied
during your scheduled maintenance window.
[emphasis mine]
According to Impossible to create a RDS instance in EU-west, MySQL 5.1.42 has been deprecated as of May 24, 2011 the latest already, so this three month grace period has long passed.
Obviously the apparent effect of this deprecation you encountered (i.e. the inability to restore respectively outdated snapshots) will come to a surprise for many, so there might be options to deal with it eventually still, but I'm afraid you'll need to contact AWS for a solution, either directly or via the Amazon Relational Database Service Forum - please post your findings as an answer here if possible, insofar I'd expect this problem to show up regularly as time goes by.