Who to PK:
For the most part, it's never really wise to PK anyone without a good reason since that person could have very powerful friends that will KOS (kill on sight) you. And also players tend to get stronger a lot faster if they have something that motivates them (getting revenge for instance). Trust me, they'll get a lot stronger really fast if you aren't wary.
Players should always kill botters, players who use bots that basically has the computer run their character for them to do specific tasks like hunting, because not only do you get good stuff a lot of times, you also make them learn to do it themselves. Also, this is common knowledge but there are players who dub themselves "BOT Hunters" and they do just that, they hunt botters. One time when I was power leveling some characters an archer showed up and asked me if I was botting and I said no and he left, that's why you don't bot.
Other people to Player Kill are enemy guilds if you have an actual war between guilds. Stronger players should focus on the noobs and stacks in spawn areas such as Basilisk spawn and such since the noobs are sort of like the backbone of a guild. And be aware if you Player Kill an enemy guild member you get about half as many PK points than normal.
Also, the Guild War quest, where you fight for control of guild conductresses or whatever, everyone you can kill do so! This is the best time to Player Kill, other than the Player Kill tournament, since everyone is killing everyone.
Who NOT to PK:
The players I'd advise not Player Killing are miners, simply because A) Miners tend to have powerful friends or guild, B.) Miners also tend to be noobs of really strong players and C) It's really just plain pointless since they aren't doing anything.
It's a Game:
No matter how many friends you make that you are really close with on the game, it's still just a game! If you get Player Killed or your friend does, go ahead and avenge them if you want but don't let it turn into a grudge because then it kind of ruins the fun for everyone including yourself since you're focused on one thing "Kill that person!!" Hey, you and your friends haven't been killed in real life have you?
The fact is that it's still just a game no matter how you think about it and life is cruel and harsh so you better get used to it. Don't Player Kill and expect not to be Player Killed, and even if you don't Player Kill, still expect it to happen sometime or another.
Go ahead and Player Kill all you want, it's just another way of having fun, but if you take it too seriously then it's not much a game anymore...
There's my advice for Player Killing and I hope that you all got something out of it. If you think there's anything wrong with it just post your comments so I can do better next time.