Don't worry about an engine rebuild. We have ways (legal ones!) of making you pass smog.
I don't think your HC levels are really that high. NOx is through the roof, so an interblag search says to check EGR, ignition timing, and O2 operation, which you should be able to do on your own w/ a service manual and a DMM. If you have a SG, maybe check ignition timing w/ and w/o the WAI (on the safe side, reset the ECU and you take the WAI off, although I'm not sure if that needs to be done w/ OBD-II cars) to see if there's any change.