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No. The trading restriction for using a new device only applies to the new device, not to the previous ones.
It's a safety measure, and yes you'd have to wait 7 days.
Using the official Steam family sharing is perfectly fine. Family members including brothers and sisters can live in different homes in different cities, states, and even countries. If you logged in and played a game in New York then a hour later your brother in California logged directly into your account and played a game a flag couldbe set off in steam as there is no way to get from NY to CA in a hour. I was trying to warn them as peoples accounts get locked over this issue all the time, but I guess you know Tremorgames family situation but I don't.
Presumably, the idea was to delay a hijacker. I don't think it works very well, though -- since hijackers can just sit quiet for 7 days, and the "was that you" queries are not particularly useful at all -- I usually just check whether some of it looks remotely familiar, then I sign off all of them.
Also, support is getting lazier by the minute; even if the hijacker made his presence known right away (like, for example, by changing contact EMail and password), chances are that he would clear out the account before support even sends their initial autoresponder mail.