I actually figured it out. Sorry for asking prematurely. But I'll post the solution in case someone else needs it:
After hitting PLAY if you want to go to the NEXT ITEM on any of the SOLOED TRACKS, this is my custom action:
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(custom action name: Play from Next Item)
SWS: Select soloed tracks
Item: Select all items in track
Transport: Pause
Item navigation: Move cursor right to edge of item
Transport: Play
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After hitting PLAY if you want to go to the PREVIOUS ITEM on any of the SOLOED TRACKS, this is my custom action:
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(custom action name: Play from Previous Item)
SWS: Select soloed tracks
Item: Select all items in track
Transport: Pause
Item navigation: Move cursor left to edge of item
Script: X-Raym_Move edit cursor to previous frame.lua
Script: X-Raym_Move edit cursor to previous frame.lua
Script: X-Raym_Move edit cursor to previous frame.lua
Script: X-Raym_Move edit cursor to previous frame.lua
Script: X-Raym_Move edit cursor to previous frame.lua
Script: X-Raym_Move edit cursor to previous frame.lua
Script: X-Raym_Move edit cursor to previous frame.lua
Script: X-Raym_Move edit cursor to previous frame.lua
Script: X-Raym_Move edit cursor to previous frame.lua
Transport: Play
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When going to the previous item, I had to move the cursor 9 frames to the left. This allows me to press the shortcut right away and go back to the second previous item. If I didn't add this rewind 9 frames, it would get stuck going back just to the 1st previous item and since it starts playing right away, I couldn't get the the one before that.
Hope that helps others.