Anjana,
1) Yes, you should label your variables as reasonable terms. The objective for the final project is to create tables that are of "publishable quality" as such all terms in your table and figures should be terms that are universally accepted in your field. This also goes for labels of 1 or 2. A simple code that I use to do this is.
label define var 1 "Yes" 2 "No", replace
label values var var
The first line of this code tells stata that 1 = "Yes" and 2 = "No"
The second line puts that label onto the variable of the same name.
2) You do not NEED p-values but generally for a Table 1 in an RCT these are included. If you feel that it is not needed, that is ok (we are going to be pretty easy here when it comes to grading), but I think it would be better for you if you just included the p-values.
3) As for grading criteria, the simplest answer here is to approach this as you would a submission to a journal or a grant. Make the figure labels legible and make sure a reviewer will be able to understand the primary points you are trying to convey.