No, that /31 is correct for a single host, not a network...
And that should work. But lets try simple. Put in a rule to allow 192.168.1.3 out on 25. Then put in a block all on port 25, right under it. You mail server will hit the pass rule and go out, but the rest won't. Also, block 587, 465, 475, and 2525 which are secure and legacy smtp ports.
http://en.wikipedia.org/wiki/Simple_Mail_Transfer_Protocol#Ports