ctopher,
You are correct that "X" is never allowed, nor is I, O, S, or Q because each letter could look like a 1, 0, 5, or 0 depending on the font used.
But, and I'm going to reference DOD-STD-100 because I don't have the latest ASME equivalent in front of me, for the initial drawing release, there needs not be any information in the revision block, although most places add a rev "NEW" or "-" or "N/C" for no change there. The first change is denoted with an "A." Initial releases should not start with an A.
But, for parts that have not yet been production baselined (and this deals with configuration management and since CMII is out that no longer follows a MIL-Spec, this is now covered in the current ASME specs), a revision of X0 for initial "prototype" released followed by XA, XB, XC, etc. Once the part has been baselined for production, the revisoin goes to a "-" and the revision history is maintained in the rev block.
I believe this information is covered in the appendices of ASME specs because the are carry overs of the DOD- and MIL-STD. Commercial practices may not have this info defined, but it is useful and beneficial.
--Scott
For some pleasure reading, try FAQ731-376