This is just a guess, but P&ID would vary from industry to industry, client to client, etc.
I don't know about standard practices or standards, other than ISA symbology, but here are some good practices:
- direction arrows on process lines
- direction arrows on signal lines (especially soft signals)
- entry/exits out of the lefthand/righthand sides of the sheet only (none out the top, and definitely none in the middle of a dwg)
- equipment name in the same location on each drawing (the top, bottom, side, whatever, but consistent)
- notes in a notes section (again, consistent location)
- space the lines and text (there will be a lot of photocopying later that will "bleed" the lines and text)
- use ISA guideline on symbology
- name/lable all the lines (don't use thickness to denote line size)
- if the final deliverable size is 11x17, cad on 11x17 and expand later (don't do it the otherway and shrink)
- straight lines are good, bend/break only if you have to (and use 90° corners)
- use templates for identical things as much as you can
- people seem to not like arial format (I don't know why, but I do) even though it is a very clean format
Okay, enough ranting. Getting off of soapbox.