KZ1000P engine sounds

The engine on my 2000 KZ1000 Police model have always had this knocking or ticking (not sure what the proper term is) that you can hear in the video. It is also occasionally blasting smoke out of the exhaust (normally after I've been riding for half hour or so) that usually goes away after a minute or so. Oil generally has to be topped of weekly if I ride every day. I changed oil yesterday and after a short 15 minute ride it started smoking out of the left side pipe you can see in the second video. Normally it smoked out of both. The bike has 65k miles on it. I ride it practically every day. So my questions are:
How bad is it?
If I were to attempt an engine rebuild, which I would really like to do, what's the low end bare minimum rebuild looks like that still covers all the essentials?
What would the ballpark costs for parts come out to (under a 1000 or under 1500) total? I would like to order everything I need ahead of time before I start taking it apart. Will I not know everything I will need before I open it up?
I have a garage and access to most car repair tools.
Is there a recommended manual that would cover the whole process step by step? I have a Clymer repair manual for police models.
Sorry for all the newby questions I've never worked on an engine and would really like to learn and do it.
Thank you for any advice.

Ticking sound
Smoke exhaust left

FSM. The 81-83 KZ1000/1100 Kawasaki service manual is the base manual, then get a supplement manual that covers your police bike. pretty sure. I don't know if the supplement is needed to do any engine work. 81-83 pdf -->> KZR home page.

You could do a compression test on each cylinder. engine warm. spark plugs removed. pressure gauge w threaded fitting. WOT.
press & hold the start button for 5-8 seconds until the pressure doesn't rise any more. watch the gauge needle. note the numbers.
If things are good, the needle will pulse to a psi & hold there, then pulse higher, hold, pulse higher still, hold, etc, then reach a maximum psi within 5-8 seconds. .... be sure the battery is good & fully charged. I would drain the carb bowls beforehand.

Then redo the tests after adding about a teaspoon of oil to each cylinder that's being tested.
add oil to #1, test. add oil to #2 test, etc. note the numbers & compare to the previous numbers.
The Clymer manual probably has helpful tips for doing the compression tests.

Sounds like cam chain, exhaust leaks (maybe the clean air injection reed valves) and carbs out of sync. Hard and crusty valve guide seals can make it use oil and smoke.
Steve

Finally got a compression tester. I tested on cold engine since a couple of sources said the difference is not critical. So from left to right I get 168, 170, 155, 170. I didn't drain the carbs since no other sources said I should and more importantly I don't know how to Then I tested the 155 cylinder with oil and the pressure went right up. Spark plugs however are a different story with the first one being all black and oily and the other three look pretty much the same nice and dry I have pics if you need. Are these results telling me anything useful about my engine?