Ryan, with all due respect and my apologies for the short answer previously, with the Mitsubishi, a bad solenoid will not cause a condition of no reverse. Reverse is controlled by the manual valve alone. The manual valve is a mechanical valve that connects directly to the shift linkage. When a Mistubishi transmission goes into failsafe or limp mode, it will have reverse and second or third gear only.... this means that even under a catastrophic electrical control situation, you will have those gears.
Now, as for written proof, I suppose I could point you to this manual for specific information on my series as well as a couple others. For conditions of no reverse, solenoids are not a cause.
http://www.lilevo.com/mirage/89-92%20Colt%...0.PDF/atoh2.pdf I've also dealt with one transmission repair shop and one mitsubishi mechanic thus far and both have confirmed that a solenoid would have nothing to do, at least in the case of this transmission, with a condition of no reverse. As for your cadillac example, all I can say is that it is not a mitsubishi and I'll go a step further in saying that it is probably the exception as far as transmissions go.
To address the concept of a faulty valve body giving the solenoid code, it is a situation of effect, not cause. IF the VB were faulty and fuid allowed to escape which caused the no reverse and that fluid were now traveling to the channel of one solenoid it would also give the reading of a bad solenoid or solenoid malfunction, perhaps.