count is not necessary at all if you are just looking for one record (the count wil ways be one or zero)
SELECT 1 FROM T WHERE id=1 LIMIT 1;
Yes, do use the LIMIT, because that will cause mysql to stop running the query as soon as it has found as many results as mentioned in the LIMIT, so LIMIT 1 will stop after finding one result;
Wether or not a row was found is stored in mysql_num_rows(), zero means no rows, one means one row.
Note: do not use this to prevent inserting duplicate, because that will not work.