I'm getting closer. Here's what I have:
Three fields - Institution, Institution_Value_List_Items, and Institution_Valid. I also have a value list called Institution which uses values from the Institution field. The field are defined as follws:
Institution (Text, Validated by Institution Value List)
Institution_Value_List_Items (Calculation, Result is Text, Calculation is stored): ValueListItems( Status( CurrentFileName) ,"Institution")
Institution_Valid (Calculation, Result is Text, Calculation is stored): If( PatternCount( Institution_Value_List_Items, Institution ) > 0, "Valid" , "Invalid" )
This works properly, but as the Institution_Value_List_Items field is stored (it has to be or I'll be in the same circular situation where everything is valid), the result is that this field doesn't get updated as records are added or deleted. Therefore I need a way to "refresh" the Institution_Value_List_Items field so the data includes the newly added items. Thoughts?