The problem turned out to be a simple fix once I was able to talk to a man who actually knows about transmissions. I had a bad parking actuator assembly (see part #1 above). The problem was located at the end that controls the parking pawl itself. This caused my truck to not want to come out of park and make a ratcheting sound when in reverse.

The rod on the left is the good one while the rod on the right is bad. On the bad rod the spring driven bullet shaped piece has pushed past then mushroom shaped bead at the end of the rod. In my case it made the rod about an 1/8" of an inch longer than it was supposed to be, causing all of my problems. Below are better pictures of what I am talking about. It is difficult to explain since I do not fully know all of the proper names of everything.

Good Rod (above)

Bad Rod (above)
If you are brave enough to tear your transmission apart enough to check the ends of the rod then replacing it is a snap.
Sorry if I am not clear enough on the details. I can answer any questions.