First thing, try a different gauge???
Does it have compression when you remove the plugs and cover the hole with your finger as you turn it over.
You using the starter to turn it? or by hand? turning by hand won't do much for a comp test.
No comp n ANY hole doesn't sound right???
Reed valves? Just reeds, no valves.
The reeds stop the air from going back through the carbs.
But they shouldn't have any thing to do with compression.
As you turn it over does gas or air come out the front of the carbs?