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Hello, I'm Tan. Welcome to JustAnswer. I'm reviewing your question and will reply momentarily.
Rust in the cylinders means a blown head gasket or engine issue. There should not be any water coming out of anything on that side of the motor.
I will need the engine model number. To determine what valve you are referring to. I don't know of any valve in that model year between the heads.
I looked at all the model in that year and none have the valve.
Here is a diagram of the engines for 95.http://www.marineengine.com/parts/evinrude-johnson-parts-diagrams/JOHNSON/50301.gif
Ok that's fine. No I wouldn't as the spark plug are getting wet from water. You can ingest the water into the crank and all the bearings by running the engine. I would start engine and spray some oil into the front of the carbs to lube all the internals just in case it has already started to ingest water.
Rusty spark plugs are serious.
Ok. Your welcome.