As long as it doesn't set any codes for those solenoids (S1/S2) you're generally safe. But if it does it repeatedly or if you notice poor shift beaviour, you should take care of the fault since it may damage the trans if neglected.

Codes are set because of broken or shorted leads between trans ECU and the solenoid itself - therefore, external wiring and especially the grey plastic connectors on the left side of the trans should always be carefully inspected/cleaned first.

If this doesn't work, the solenoid often can be repaired as I described earlier. The soldered connection is visible once you (gently!) pry the black plastic cover off the top of the solenoid.

Btw, as told before there is no 3-1-4 trans code. There is such a code for the engine (cam position sensor), though. Did you (as asked before) read the codes from position 1 (trans) or 2 (engine) in the OBD socket? Codes for solenoid S1 are 1-2-1 (short) and 1-2-2 (broken connection). 2-2-1 and 2-2-2 for S2.

Martin
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'65 121, '73 165