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1) If writing is small, less space is taken and hence forth, less pages are used, does that have a negative impact on the examiner? The number of pages i.e.

No

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2) If the answer to the above question is yes, then should we practice to write in such as manner as to fill up more space?

NA

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3) How much does spacing between the lines matter?

Don't target number of pages. Target the number of maximum ideas and authentic points.

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4) Sometimes a line or two get crooked, is that excusable? or does that count negatively?

Try to avoid it.

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5) Most importantly, what is the level of flexibility shown in the hand-writing style? I am sure some people do not have excellent writing style, in superficial terms, can we get away with that?

Legibile hand writting is ok. Don't write like the prescription of doctors but at the same time examiner doesn't expect from you a caligraphic style.

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Another question I wanted to ask was regarding Headings and Sub-headings, should we number the headings or just put a bullet point before every heading and sub-heading respectively?

Headings and sub headings are very useful. It depends upon your ease how do you feel it. Numbering or bullet point or arrow style. No hard and fast rule for this. Generally, numbering is easy for the reader to recap and assign you marks with little effort.