Gunpowder Creek does indeed exist. Beginnng NW of the town of Granite Falls, Caldwell County, NC, a dam was built so there could be an iron forge run off water power, and I think a grinding mill was also close by. The lake created by the dam is called the Old Mill Pond, and is accessible off the Dudley Shoals Rd. Below that dam is another much smaller Little Dam. that dam empties into the waters of Lake Hickory on the Catawba River chain.
Sorry I can't answer anything about the Reed family.
Catawba County NC