If the item's value is determined before the regions are rendered you can do this:
<div style="width: 290px; margin: 0 auto;">
<img src="#WORKSPACE_IMAGES#&P1_ID..png" width="290">
</div>
If the item's value can change dynamically on the page (e.g. if the value is updated by a dynamic action), you may need to write some javascript to modify the image source.
P.S. not related to your question, but the correct syntax to access the value in PL/SQL is v('P1_ID')
- i.e. :P1_ID
is only used where a SQL bind variable is used.