the 1/3 rule is based an agronomic growth research, which i don't want to bore you with but there are other factors to consider also. if you cut more than 1/3 or more often you need to water and feed the turf more, and you may just as well get into the golfcourse business. if during a wet year, summer, or spring you may have to cut your lawn on a 5 rather than 7 day rotation in order not to exceed the 1/3 rule.
for more to the point info. contact your regional ag. school or state dept. of ag. extension agent, (if he is not as old as i am) he will tell you depending on the variety/ies of grass/es what the proper cutting height and frequency of cut is. the one third rule is just one factor in this never ending saga.