Hi @Anonymous,
Welcome to the community! 
I won't say that you have invalid questions as quite a few companies ponder around the idea of shifting from AutoCAD to Revit, so no mocking will take place for now! haha...
To answer Question [1]:
- Yes, Revit can be used to effectively draw Single Line Diagrams/Schematics for MEP Services.
- AutoCAD is suited to do it and because you/your company is possibly more familiar with AutoCAD it might almost feel like "why reinvent the wheel".
- Revit has its advantages and disadvantages, but my view is that you can achieve the same result and more with Revit. Everything is moving towards BIM, well, not only now, but for years already and for the most part, mainly the Electrical Discipline managed to "get away" with not fully shifting to BIM.
- I'm seeing how consultants who I used to work for, who didn't make the shift to Revit earlier or against some of my advice, are now falling behind or struggling to win tenders due to the lack of their Revit or BIM capabilities.
- Another thing is software costs. You can easily complete a project in Revit, even if the info which you receive is in DWG format, but this cannot be done the other way around. So, it does make sense to shift/adapt to Revit. Revit isn't going to go away and I don't think Vanilla AutoCAD will either, but Revit can make your life so much easier.
Let me ask you a question: If I ask you to open any of your projects and ask for the quantity of anything and I want it in Excel format, but before that, I want you to make around 30 changes on 3 different floors. How quickly would you be able to provide me with the info? You'll need to open and revise 3 different DWG files, then do the counts or extract it from the drawing, or populate Excel manually depending on how your files are setup.
I can basically open any project in Revit, have a detailed schedule of every element within the model, it auto-updates as I draw and I can literally provide a comprehensive Excel sheet as soon as I finished with the drawing/design updates. Revit feels like you have more control over more things in one centralized place. I hope this example made sense, efficiency within an office or disciple can greatly be increased.
To answer Question [2]:
- Typically, you can have annotation symbols/lines or Groups (Blocks) setup in your project template. The schematics will be drawing in Drafting Views (2D Views not associated with the main model) and typically copy/past the groups and text as you would generally do in AutoCAD. It works on the same principal and then you put that Drafting View on a sheet which you created and the end result would be exactly the same as with AutoCAD.
- Why I think it is effective enough in Revit is because you'll be drawing everything manually in AutoCAD, so why not familiarize yourself with Revit and draw it manually there?
- I think (hope) that Revit implements auto-creation of single line diagrams soon and if/when they hopefully do, you'll already be familiar with the software.
All and all, I would make the shift to Revit at it is "future proof" as some clients/architects require everything to be done in Revit and this will become more common all over and you would not want to be "left behind".
I can literally talk for hours on this subject, but I hope that the info which I provided answered your questions! 
Rudi Roux
MSc | Digital Engineering Manager
LinkedIn
Revit Mechanical & Electrical Systems 2018 Certified Professional | Revit MEP & Architecture 2015 Certified Professional
AutoCAD 2015 Certified Professional | Autodesk Building Performance Analysis (BPA) Certificate
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