Standardbreds are awesome. As many have said they have a great brain, thats why they have giant heads. The horse's value is based on how safe they are. They can bend at the pole, jump, barrel race, or do dressage. There are a shocking number of lies out there about standardbreds. At the end of the day, there is a reason that the Amish and the Menonities use them and thats because they are pretty safe.
I looked up the name and I could not find anything. The USTA would be the governing and registration section. You can call them ask for information. I have done this in the past and they are very willing to help. Registration could be a lie or not. I don't recognize any "big names" in his name. Which is often an indicator of who parents are. Thats why you see a lot of Cam this or RC that. He could be a homebred who never made it to the track. I know a lot of Amish love "racing a horse" but don't like the money and environment that accompanies racing. They would be highly unlikely to sell a horse or race a horse. Which means that a registration may not mean anything to them. The menonities may share this idea. The only time when I have heard about registration making a difference is when you are dealing with issues of ownership. I am familiar with someone who had a horse gotten for free, they demanded registration ownership and transfer. The horse greatly appreciated in value and the original owner came back saying they had stolen the horse. So, thats the only reason it might matter.