I have solved this issue after a couple of weeks of working around in it to find it to be a simple solution. When Using the addreferencevalue(New Reference Value, Value), the "Value" must be the first in the value list of the symbology tab of the layer properties. Somehow, the data set that I was working with had a reference value saved in front of the value, so when trying to add a new reference value to an existing symbology set, it couldn't find the value that the program was referring too, though it didn't throw an error at that time.