I recommend keeping relevance plural as much as possible to avoid the issue.
This should give you the newest one, and always a singular result if present:
unique values of (year of it as string & "-" & month of it as two digits & "-" & day_of_month of it as two digits) of dates (local time zone) of maxima of modification times of files whose(name of it as uppercase starts with "ACROBAT.EXE") of folders "Prefetch" of windows folders
As written, this relevance will never give an error because if any part doesn’t exist, it will just return <none>
which is the equivalent of NOTHINGS
If you write plural relevance this way, you don’t need to do If/Then/Else checking first to check for existence. It is also more efficient this way, plus the first item to return NOTHING stops execution, so it only processes as far as it can before stopping.
If you want to force a string result, you can make it singular from plural at the very end, then use the PIPE to provide an alternative string result:
( unique value of (year of it as string & "-" & month of it as two digits & "-" & day_of_month of it as two digits) of dates (local time zone) of maxima of modification times of files whose(name of it as uppercase starts with "ACROBAT.EXE") of folders "Prefetch" of windows folders ) | "DoesNotExist"
You can actually string together many statements like this:
if (not exists regapps "acrord32.exe") then "Not Installed" else NULL | ( unique value of (year of it as string & "-" & month of it as two digits & "-" & day_of_month of it as two digits) of dates (local time zone) of maxima of modification times of files whose(name of it as uppercase starts with "ACROBAT.EXE") of folders "Prefetch" of windows folders ) | "Never Run"
The advantage of this is the detection of if acrobat is NOT installed is fully independent from the detection of when it was last run, but the relevance to detect when it was last run will only be evaluated if it is installed.