Cyl 1 issue

the bike will start surprisingly good even for a cold day and and seems to run well, however I notice one problem. The headers out of cyls 2, 3,  and 4 get very hot, too hot to the touch. Cylinder 1 gets warm but never gets too hot to touch at idle. As the bike warms up and I increase throttle, rev it out, etc cylinder 1 tends to get hotter. The bike is intermittently blowing a moderately concerning amount of white smoke too... more noticeable when cyl 1 is getting hotter. Compression is 120 psi across the board.  Additionally, what gets me the most, the bike will run with the spark plug cap off of the plug in cyl 1 with seemingly no issue. However, With 2, 3, or 4's plug wire detached, the bike won't run. What could be the cause for this? Valves, is cyl 1 running too lean? I'm stumped, any inside is much appreciated. 

Clean your carbs and check the ignition system feeding #1.  That cylinder isn't firing as designed.  

What does cylinder 1's spark plug look like after it has been idling?
Check the plug after it has been idling...don't rev it up.

Sounds like oil fouling on cyl 1's  plug due to valve stem seal leakage.
The intermittent white smoke is the oil being burned off as the bike warms and the cylinder gets hotter due to the plug  getting washed with fuel , "un fouling" and firing more consistantly.
Pulling the plug cap on 1 with no change shows that at that time the engine is only running mainly on cyls 2,3 and 4 which is sufficient for the engine to run without stalling.
Pulling any other plug when number 1 is either intermittent or not firing will drop the engine down to two constantly firing cylinders which will stall the engine at low/medium rpms and make the bike guttless and almost impossibe to ride.