As there is the verb to pronounce from French prononcer and Latin pronuntiare, there is no need to coin a second verb from pronunciation.
To pronounce has been in use for over 500 years, so a second and longer verb is unnecessary.
The term usually means a blood relation who is distant enough that you can fool around with, or indeed even marry / have children with.
Your actual question:
Are the dictionaries wrong/incomplete?
Yes, this is an unusual case where, apparently, all the reference works are just plain wrong.
Yes, the reference works mentioned are completely, totally, wrong.
(Note: the idea that the phrase related to "greeting procedures" is totally nonsensical. The idea of Americans (now or historically) "kissing" in greeting is absurd.)
So, say a child "played doctor" with a full sibling, or a full first cousin. That would be incredibly disturbed and psychologists would be called-in.
But a "kissin' cousin" is a relative - distant enough - where it's NOT a psychological emergency if there is some mild sexual involvement.
The term cheekily suggests the frisson of (very mild) incestuous sexuality.
Like any term, of course, it is used in different ways:
(*) distantly related enough that kids can "play doctor"
(*) distantly related enough that two people can indeed have full unprotected sexual intercourse
(*) distantly related enough that, legally, two people can get married
You need only look at the mentioned Elvis song which has astonishingly sexually raw lyrics.
It - uh - playfully talks about light incest, for an example of the usage of the phrase in question:
https://www.youtube.com/watch?v=hn0EdIy_OhI
Well I've got a gal, she's as cute as she can be
She's a distant cousin.
But she's not too distant with me
We'll kiss all night
I'll squeeze her tight
But we're kissin' cousins
and that's what makes it all right
All right, all right, all right
My God, lyrics were explicit then.
Best Answer
If you wish to use recept as a verb, you’re a bit late to the party:
This usage survived into the 19th c., but today is obsolete: receive is the verb you want. Just as you might conceive of something and produce a concept, you do not *concept a better mousetrap.
Even the noun has undergone changes over the years:
Today, it would be reception of the Sacrament, receipt of a letter, and a prescription for curing sore eyes. Since the 1580s, the earlier alternative to recept was recipe, from Middle French récipé, from Latin recipe, ‘take!’, surviving today only in the abbreviation ℞ at a pharmacy.