The only real specifications for a pinhole camera are pinhole diameter (aperture), distance from aperture to film plane ("focal length"), and dimensions of film plane. You can calculate f-stop the usual way, by dividing "focal length" by aperture diameter.
The images formed by pinhole cameras will essentially never be sharp. If you imagine a ray of light coming from anywhere in the scene, traveling through a single infinitesimal point, and continuing on, you can easily see that the ray of light will be a single line.
The pinhole is not infinitesimal, however (or else no light could get in). It has a specific diameter, and so there's an area of uncertainty as to specifically where the ray of light is coming from. The ray essentially takes the form of a cone, with the points at the position in the scene from whence the ray of light is originating, and sides defined by the edges of the pinhole.
There's an infinite number of rays, though, so there's an infinite number of cones of light. Consequently, the bases of the cones overlap on the film plane. The radius of that cone is basically the limit of resolution. IIRC, this is called the circle of confusion. The net result is a fuzzy image.
Smaller pinholes will refine the cone and, in theory, increase resolution. However, two factors come into play. The first is that smaller aperture means longer exposure. (Infinitely small aperture results in an actual linear ray and infinite resolution, but also means infinite exposure time). The second is diffraction. The edges of the aperture actually bend light rays, causing ray spread and a larger circle on the film plane, further reducing resolution.
Finding the optimal pinhole diameter is kinda tricky. You have to balance exposure time, ray separation, and diffraction--diffraction itself is dependent on the thickness of the aperture and (again, IIRC) a few other factors.
But that's part of the charm. Find the right dimensions, experiment, and get the medium to work for your purposes. Beating the medium into submission is great fun! :mrgreen:
Hope that all makes sense.