Very unlikely it's valve guides. They would have to be extremely bad and the exhaust restricted to cause any significant blow back into the engine.
Most likely there are stuck, or worn, or broken, or all 3, compression rings.
If the engine was improperly stored and condensation, or rain water, or coolant, sat in the cylinders, the rings are likely stuck. Minimal chance they will free up on their own, best go in now before further damage occurs. Possibly everything can be cleaned up, freed up and reassembled.
It is also possible the head gasket has blown internally, but that is not as common as stuck rings.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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