OK, the valances are a different shape to those of an early K/WM20 -more rounded at both ends (compare to bottom photo, below), so not cut off and put back in reverse. They look original to me: the edges are rolled and fit well to the mudguard. The paint is old, as is the rust, and there's no obvious signs of bodgery...
Come on: win yourself a coconut! :upside_down_face: