It does take a fair bit of time to come up to pressure, but remember, the unit is actually rated to 115psi, and it used to hit that, but not now, it will only hit about 90psi, before it trips the breaker. It has a 16 gallon tank, from dead empty until the breaker trips, it takes about 10 minutes and only get to about 100psi.
The reeds do not have holes in them, take a look back at the pics above, they are just flat pieces of steel, not like any I've seen before. Most I've seen have a hole in one end. The reeds sit in a depression carved out of the head or the cylinder, depending on which way they are meant to work, and then get pushed flat against the opposite side to seal.
Next time I go to the DIY store, I'll buy a cheap set of feeler gauges, they are only about $10 or so, the set I own now are much better quality and cost me about $75, so I'll not be using them
Honestly, I have not seen reeds like this before, they are very strange to me, but then again, I've not had a ton of experience with them either
Cheers!