My version, matching the exact text from the caught exception. It will return true if it's a different exception but works for this simple case. Also Get-ItemPropertyValue is new in PS 5.0
Function Test-RegValExists($Path, $Value){
$ee = @() # Exception catcher
try{
Get-ItemPropertyValue -Path $Path -Name $Value | Out-Null
}
catch{$ee += $_}
if ($ee.Exception.Message -match "Property $Value does not exist"){return $false}
else {return $true}
}