Okay, update...compression results below. All cylinders reached max pressure is 6-8 cycles (normal?). I appreciate the help, guys!
#1: 145psi
#2: 145psi
#3: 145psi
#4: 160psi
Pulled the plugs after 10 minute warm up, there was a small amount of wetness (not sure if oil or water...) on 2 and 3. If I scratch the carbon off the #4 plug, the metal is gold colored, others are silver colored. #4 pipe was noticeably hotter than the others (by touch, no IR gun yet).
#4 has been running w/ no intake valve locknut for probably 2k miles. Since I bought it (2k miles and 9 mos ago), the engine performance, sound, and vibration have not changed. When discovered, the valve adjustment was probably .25-.5" out...it was hitting the tappet cover. Should have checked it over more thoroughly when I first got the bike, but it was my first bike and I didn't.
I'm thinking that w/ #4 only getting half the fuel/air of the other cylinders, it hasn't been worked as hard and the rings are in better shape. Who knows how long the nut has been missing! There also could be some buildup (carbon, burnt oil, condensation?) inside that cylinder...perhaps that's what seeing coming out of the exhaust as smoke??
As far as the "oil" coming out of the exhaust pipe, I looked a little closer today. It's definitely oily, but it certainly could be condensation, it has a "wattery" feel to it as well. So thanks, DRam!
Any comments are certainly welcome! I may pull the #4 wire this afternoon, run it, and see if the smoke goes down at all.