@IsharaDerek 

1. Is it possible to Convert Standard Agents to Queue Processor introduced in Pega 8.

yes. manually can be converted

2. Is there any material which I can use to follow when converting Standard Agents to Queue Processor. 

Please follow the below reference materials.

https://community.pega.com/knowledgebase/articles/system-administration/84/queue-processor-rules

https://community.pega.com/knowledgebase/articles/system-administration/84/replacing-agent-queue-processor-rule-delayed-messages

https://community.pega.com/knowledgebase/articles/system-administration/84/replacing-agent-queue-processor-rule-real-time-messages

Thanks

3. Existing Standard Agents has Separate Queue for Agent Table for each Standard Agent. We need to use the specific Queue Table for each Agent when converting to Queue Processor.

yes

Thanks