Item Numbering convention in the Item Master

Hi!

I'd like to embed some level of intelligence when setting up the item master.  The field I'm interested in using is alisa 'LITM' in JDE E1 V9.0

We are a 'Temporary Power' company and our primary assets are generators, transformers, etc.  We will purchase Stock/non-stock Parts & Tools

Item Master will be used by procurement, plant & Equip. maint. work orders, etc.  Some parts will be used to create overhaul kits and the same could be used for minor repairs.

Without having to reinvent the wheel I was wondering if there is a preferred number schema; what are the 'gotchas' to look out for, can we and how to use parent/child relationship in setting up the item numbering schema.