Re: Reverse lock
Some 55s had a stainless cable connected to a pull button in the center of the yoke below the lower pan. Yours has the rod. It should connect to a plastic cam on a shaft up inside the top of the yoke. A black lever about two inches long actuated the assembly.
If the rod is hanging, the cam has broken and I don't know if that part is available. Remove the rod since it is useless now.
Your engine is not locking because the locking plate is down too far and rides below the tilt adjust bar. Connect a piece of stainless cable or fine chain to the plate at the hole where the rod goes through. With the engine tilted, pull up the chain and lower the engine against the tilt bar--then release the chain. The locking plate will now engage the tilt bar and you can now operate in reverse without the engine jumping up.
Don't want to be bothered with chain? Lift the plate by hand--but be aware--eventually you will slip and pinch your hand.