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The reed valves are indeed thin layers of metal that bend in (thus their name) to allow air and fuel mixture coming from the carb to journey to the combustion chamber. Their are located on the INTAKE side, in front of the motor , just behind the carb. Your pictures show the EXHAUST side (rear section) of the motor head.
Pistons seem fine, rings probably are too, I’d dissassemble the intake, get the reed plate off and make sure there is no light visible at the edges between the plate and the reed when held against a source of light. If so, replace or realign the reeds leaves until they completely block the opening.
Also replace the intake gaskets as their perfect sealing is crirtical. While you are at it, change the head gasket and see your compression readings soar. In all cases, thorougly clean the mating surfaces when changing gaskets.
Have fun !
There are no old outboards, just machines so well built, they have outlasted their owners !