That statement - "law of diminishing returns" - taken its own, is a pretty meaningless statement - and is one that I am surprised someone with Warren's background feels compelled to make.
Firstly - what if you maximise the effort to take as many good images as your viewing session permits, and then chose "only the 'best' 30 images from that session. Would the final image, created from those thirty images be 'better' than had you only used the 'best 20' images, or the 'best 40' (or even - though unlikely - the 'best 120')?
It is impossible to answer that - unless you actually have the data available to select from.
Secondly, what rules - other than 'noise analysis' can be used to determine the 'diminished return' from having worked hard to acquire extra data.
This '30-image' "law" (it isn't actually a LAW - it is a statistical suggestion, and authors should not be using it to glibly fill copy-inches in publications - irrespective of whether they earn money from doing so or not) is one that circulates around the astro-imaging community. It over-simplifies things for the novice, confuses the experienced, and is ignored by the professional.
There is only really one "LAW" (and, of course, it isn't a law - it's just guidance and advice - no matter who thinks they are in charge, no-one is going to send round the image police on some trumped-up charge of gathering more than your alloted quota of photons) and that 'law' would encourage you to take as many images are your viewing session allows, and as many images as you have the time to spend collecting them.
Only then, with however much raw data you have been able to acquire, will you be able to decide how many of those images you want to include in your post-processing attempts.
And, remember this "law" doesn't just apply to your light frames - it also applies to your darks, flats and - if you feel you have to acquire and use them - your Biases too.
I used to finish each imagng session by closing up the observatory and then just leaving the camera to generate Darks until I turned up some time the following day to look at things. From those hundreds of Darks, I would select 'a reasonable quantity' to create a Master Dark. I never bothered with Biases - totally unnecessary for any TEC-cooled camera, so why bother? Then I started to look at my Darks, and I realised that I couldn't see any differences in the final images - irrespective of whether I used Darks of the same exposure, Darks of other exposure times, or no Darks at all - my camera produced a reasonably 'flat' image in terms of its dark noise characteristics.
As far as Flats were concerned - because I almost never mess around with the camera setup on the OTA, why would I feel that the Flats might change from one session to the next? I looked at them closely - and they didn't - so I only take new Flats if something major has changed in the optical train. (Much the same goes for focus - it doesn't change from one session to the next, so I leave it locked off and just shove on a Bahtinov mask every so often to remind me how glad I am that I didn't waste money on a motorised focuser!!)
But, like Darks, Flats are super-easy to acquire (needing nothing more than a pice of white card on the observatory wall, and a light bulb - somewhere - to illuminate it). They can be collected unattended, and as many can be taken as I can be bothered storing. So, collect lots, use lots, make a Master Flat, then throw the rest away and use the same Master Flat for months and months and months.
Of course - I have the luxury of a fixed setup, in an observatory - but, at the same time, face the perpetual challenge of perhaps only ten nights of 'good' imaging weather per year (that's also why I abandoned imaging with a monochoome CCD and filter wheel, in favour of a far more productive OSC camera).
Of course - your mileage may vary. Don't blame me if, at around three a.m., just as your thirty-first image dribbles onto your hard-drive, some night-warrior all dressed in black slithers stealthily up behind you and sets off a small thermo-nuclear device, allowing all those otherwise illegally captured photons that you have imprisoned to escape back into the ether of dark infinity.