Check out the threads in my sig below.
We've got some basic through to over bored rebuilt engine mods and everything else in between being discussed.
Feel free to jump in mate!

Welcome aboard the great ship of biking brotherhood. There are some awesome mods you have planned.
1. The twin headlight with projectors would look awesome. As of lighting both the lights, yes it can be done. But keep in mind that thee battery provided would not support two 35w bulds together, your battery would drain out. I would suggest to get your battery upgraded to 5amp or 9amp( i guess stock Fazer has 3 amp battery).
2. A strict no about the engine cover. It is a air-cooled machine and putting an engine cover would make it heat up sooner. Though a freind of mine did fit a CPU cooloing fan for additional dissipation of heat in P220. You can try that out if you are adamant on the engine cover thing.
3. About the exhaust, you have a lot of otions starting from 10k to more higher range. I have read about Joel's exhaust doing magic with Fazer.
4. Don't have any knoledge of K&N filters bro.
5. Stickers are your choice.
6. Sprocket change can be done as per your requirement of good initial or higher top speed.
7. I guess you can stick withh stock tyre...it lasts long..doesn't it?
8. Yeah, kick start can be installed I guess.

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