Is the option at date of transition to use FV or historical cost on a per-item basis available for IAS 40 Investment Properties and IAS 38 Intangibles?
For measurement after recognition, all assets under IAS 40 must be either measured using the fair value or cost method. Under IAS 16, it is on a per item basis as well (IAS 16.30).
Under IAS 16 all items within the same class of PPE have to be valued the same, so it is not on an item-by-item basis but on a class of similar assets by class of similar assets basis. This is the same as for IAS 40, Investment property is a class of similar assets. SO IAs 16 and IAS 40 are consistent on this subject.
From what I know, First Time Adopter can choose at fair value or historical cost for the beginning balance of each PP&E item. However, after that , companies should apply revaluatuion method or cost method for each class of similar assets in PP&E, intangible assets or investment properties.
The big difference is that there is no choice IAS 40 is only for real estate industry companies, see here the scope of IAS 40:
Investment property is property (land or a building—or part of a building—or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for:
(a) use in the production or supply of goods or services or for administrative purposes; or
(b) sale in the ordinary course of business.
A) would be ruled by IAS 16 Property Plant and Equipment,
B) would be ruled by IFRS 5 Non current assets held for sale and discontinued operations
See the Standards for valuation, IAS 40 and IFRS 5 use fair value, only the recognition of profit or loss differs (IAS 40 via P&L, IFRS 5 via equity and via P&L only upon disposal, IAS 16 initial recognition at cost (with many details on what maybe capatilised etc), subsequent measurement against cost or revaluation model, also think of impairment testing. IAS 16 allows the valuation to be different per class of assets as mentioned before,
Look here for the standards in detail: