Not at SWA anyway. Heavy rain is a weather condition, not a runway condition. You could always argue to use a more conservative setting than is being reported, but you'd still just be guessing. There's a table in the back of our AOM that provides a relationship of runway conditions to RCC values. Wet is damp or standing water up to 1/8in, RCC 5. There's also a slippery when wet for excess rubber, RCC 3, which is probably what they actually had and if it was reported would most likely have prevented them from attempting to land. But when you're given an RCC of 5 and "braking action good" by the Tower it's hard to argue with their decision based on what they knew at the time.