If the solenoid is closed, the car will not overboost, assuming the rest of the WG plumbing is correct. It will max at the WG spring pressure which is ~10 lbs on the stock WG actuator.
If the solenoid is stuck open, then you could have a problem. It will bleed off too much and the WG actuator won't get the required 10lbs of pressure to open the WG.
First, do you have an aftermarket boost gauge? The stocker is crap.
I don't know the fail safe on the solenoid. I'd expect it to be closed, but I wouldn't gamble my engine on it. Until you get the code fixed AND get a gauge, I'd suggest that you run a single vac line straight from the boost nipple to the WG actuator.