Where is says "virtual switch" above, that can be whatever action you want -- and it doesn't have to be an on/off-type sequence.
For my power-out rule, my Action is simply to send a Pushover notification for the monitoring device that's out (I have 5 total).
I don't use a Wait in that particular rule of mine, but I do use the Power Outage Manager app to handle "power restored" stuff.
There's a good explanation of Wait/Delay options in the Documentation (starting here)
Bottomline, you can have that rule do whatever you please.
