I think you are refering to the vacuum regulator valve. It varries the line pressure and moves the shift points relative to throttle position using vacuum signal to the transmission. Its the black plastic thing on the driver's side of the injector pump with two vacuum hoses goint to it.
Can it cause hard shifting? yes, but usually will also cause late shifting if its shifting hard. This happens with a loss of vacuum to the system, its like a failsafe mode. The transmission acts like the engine is at full throttle all the time (its better than low throttle assumption because that could allow slipping)
Will it cause a no reverse condition? Nope, thats an internal problem, possibly a stuck valve, or leaking seals, or slipping clutches depending on what the symptoms are like.
Did reverse just quit working out of the blue?
or
Did it gradually get worse over time?
when reverse did still work, was there slipping, or would it slam into gear and hold?