This game has both solid state and electromechanical versions. This guide focuses on the much more common solid state version, though I am not aware of any rules or scoring differences between the two.
Special and extra ball can't be worth points, so unless those are meaningful to you in an arcade setting, don't bother working toward them. If one of the spinners is lit by default, shoot it all day; otherwise, clear the left drop targets once to light it. Only one spinner can ever be lit at a time; which spinner is lit alternates any time a 500-point scoring feature is awarded.
The two top lanes score 500 points, a bonus advance, and the first C or the Y in the word Cycle. The second C, L, and E are collected from standup targets in the right side of the game that also score 500 points and a bonus advance. Completing just the C-L-E side targets lights the center bumper for 1,000 points and lights the out lanes alternately for a special. Completing the whole word Cycle lights both out lanes for a special. Special isn't worth points, so ignore these awards unless free games in arcade play interest you.
The top center saucer and center standup target always score 3,000 points, and award the letter in Super indicated by the arrows. Making one of these targets or hitting any 10-point switch (unlit spinner, top EK bumpers, or slingshots) rotates which Super letter is indicated. Spelling Super awards a special and unlights all super letters. This is also largely ignorable, since once again specials are not worth points, and the center standup target is a major drain risk anyway.
EK bumpers always score 10 points. Blue bumpers are always lit and score 100 points. The red bumper scores 10 points when not lit or 1,000 when lit, and is lit by hitting all three C-L-E standup targets on the right side of the playfield.
One on each side of the playfield leading back up to the top. Unlit spinners score 10 points per spin, but lit spinners score 1,000/spin, by far the most efficient points in the game. On 3-ball settings, one of the spinners should be lit for free at the start of each ball. On 5-ball settings, both spinners are unlit to start each ball, and the left drop targets must be completed once to light one of the spinners.
Only one spinner can be lit at a time. Anything in the game that scores 500 points (top lanes, drop targets, right standup targets, and in lanes) will alternate which spinner is lit. Have familiarly with passing the ball from one flipper to the other on this game so that you're always able to put the ball on the flipper opposite a lit spinner.
Each target down scores 500 points and a bonus advance. Completing the bank once awards double bonus and lights one of the spinners if the spinners were not already lit. Completing the bank twice scores an extra ball, and each completion after the second scores a special. It can be worth completing these targets once for the double bonus- especially do so if neither spinner was lit by default- but ignore completing the bank further unless extra balls are on or specials are meaningful for you.
Evel Knievel has a conventional in/out lane setup. Out lanes score 1,000 points and are lit for a special: alternately by just completing C-L-E, or both together for finishing Cycle. In lanes score 500 points and a bonus advance.
Bonus is advanced by the top lanes (not the saucer), any drop target, any right side standup target, and the in lanes. Max base bonus is 15,000 points. Double bonus is awarded by completing the left drop targets; this is the only bonus multiplier. Max bonus is 2x 15,000 = 30,000 points. Base bonus and bonus multiplier can never be carried over from ball to ball. There is no mid-ball bonus collect.
Specials and extra balls cannot be worth points. Outlane special can be set to award extra ball, free game, both of those, or none of the above. The Super award can be an extra ball, 1 free game, or 2 free games.
Completing Cycle can light just one out lane for a special instead of both. Turning this on means completing C-L-E only does not light a special.
The award for the 2nd drop target completion can be set to nothing, 5,000 points, or 5,000 points plus an extra ball, instead of just an extra ball.
The award for each drop target completion starting with the third can be set to nothing, 5,000 points, or an extra ball, instead of a special.