I believe you would get medium with both warm and hot open, and cool with warm and cold open.  The flow 'circuits' are independent to each solenoid, and the water would merge at the output. 

Certainly could be used as a replacement in Don's Kenmo'. 

An old MT three coil valve could be fitted on Dons KM but you would want to remove the flow restrictor from the outlet of the MT valve, older belt drive WP-KM washers fill at about twice the rate of a MT and you would not get as good a rinse during the 8 spray rinses if you leave the restrictive flow washer in place.

Jon,  they can be either thermostatically controlled or just preset mixing valves, same goes for two coil valves.

Mark, you are likely correct that Don's washer would have come with a non-thermostatic mixing valve originally, by the late 1950s only LKMs got the more expensive thermostatically controlled valve, the two types of valves are interchangeable however if Don would like to have a more constant warm wash in those cold Minnesota winters. I think we saw the last of the three coil thermostatic mixing valves in the 1966 LKMs and the last of the three coil valves by 1971 in KM washers, MT dropped this feature with the introduction of the 06 washer line in 1966.

Drew that was an interesting way to reduce hot water consumption, this valve that MT used in these models was not the same as to older 3 coil valves and MT did not keep using 3 coil valves, they only started using this new style valve in the 90s on only a few models and not for very long. This approach to reducing hot water use was expensive and complicated, it is obviously much better to use automatic temperature control which is what everybody does now.

Early two coil thermostatic valves [ TCTVs ] gave you either hot or warm water or medium if both coils were energized, there were also non thermostatic versions [ NTVs ] of these valves but they were rare. If you install a regular NT2CV in say an old MT AMP washer that only provided H or W water you would only get C for the warm wash and rinse setting. On machines like early 50s WP&KM where they offered a Med wash temp installing the newer style NT2CV gives you a HW or C wash with a C rinse, and the chance to get an Energy Star rebate, LOL.

I you want to keep your Easy more original in operation you can install a 3CTV or a 3CNTV and just use the W and H coils only [ you can install a hidden switch [ SPDT ] on the back of the console so you can switch the power from the W coil to the C coil so the machine will give a cold overflow and all cold rinsing so you can wash permanent press clothing.

Larry @ Modern Parts may still have a few new 3CVs and maybe even the T2CVs.