No. As
@pyrate said, you would not have a home point saved if you arm and takeoff in manual.
Furthermore, if you lose signal with the controller while its in Manual, I'm pretty sure the Solo won't switch itself into GPS mode. I'm not entirely sure about that. It would actually be a nice safety feature if GPS mode kicked in upon loss of signal, but I doubt it - Alt Hold (aka FLY:Manual) is an "advanced" flight mode after all.
Assuming I'm right that the Solo wouldn't switch to GPS mode, then upon loss of signal the Solo would just do nothing but hover and drift away with the wind... until it hits something or the battery fail safe kicks in and it lands. If it does switch GPS mode on, then it would just hover while maintaining its position (i.e. not drift with the wind).