You are right, ping is not conclusive but an Exist() will cause a delay as well. I first do a ping, then I do an Exist(), then I proceed.
Code:
  if ping(split($list1.text,',')[0],0,1)
$reachable = '\\' + split($list1.text,',')[0] + '\C$$'
if not exist($reachable)
...

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Give a man a fish and he will be back for more. Slap him with a fish and he will go away forever.