Again it is tough question if you ask me.
In a plane wave methodology a cutoff energy of 1000 Ry is much better than 100 Ry, which again is better than 10 Ry.
Therefore if you had the best computer in the world, you should always go for the 1000 Ry as the results are the most correct.
In the same it goes for ATK, there are 5 basis sets SZ,DZ,SZP,DZP & DZDP, where DZDP being the best, and if you have a super computer,
and alot of time to wait you should always go with the DZDP basis-set.
However since it is almost never the case where we have unlimited time to our work, it becomes a comprimise between accuracy and the number of calculation we want to do.
When I decide which basis set to use, I do it by the two following rules:
1) Quick screening calculations on a sample system, which could be a dimer. If I am into relaxation, I test how the equilibrium distance of a dimer depends on the basis set, and if it is converged for SZP, then I use SZP. If it is a transport calculation or bulk calculation, I look at how the band structure looks around the fermi level, if the first couple of bands near the fermi level looks the same, then I would go with the fastest basis set.
2) If I am too lazy to do some prestudies, I work by the rule, that I try to jugde how far is this system from the atomic calculation of the elements in the calculation. Therefore if I calculate on an single atom, then single zeta is perfect, if it is molecule with only a few elements then DZ and SZP, will be the just fine. If it is a strange, rare molecule with all kinds of strange bonds, I would go for DZP or DZDP.
So the larger the difference there is between the atomic calculation of the each of elements in the system, and a system view as whole, the better basis set is required.
Therefore to answer your question about graphene, if you are going to make graphene calculation in 2D system, possible with hydrogen termination, then I would go with the SZP basis set. ( And my choice in this case is based on both rule 1 and 2 : )