Is there a concise industry standard way of displaying wind speed, gust and direction?
The colon could be problematic as its function is not directly clear in this context. Maybe you could try:

N @ 8 m/s | G: 12 m/s


or a little shorter:

N 8 (12) m/s


The way you created it should not be problematic. However, especially if you make it possible for users to chose the unit, the unit should always be displayed. Here, the standard way in meteorology is to use meters per second [m/s], which is also complying to the SI units (more info here).

The wind direction is often divided into two directional vectors, $u$ and $v$. However this is more science standard than industry standard as the ouput in degrees is more intuitive to interprete. In meteorology and climatology, the direction is only expressed in direction charcters (N, NE, E, ...) if the measurement or model output is not accurate enough to express it in directional degrees or if very exact values are not required, as for example in popular weather forecasts. (Notice that you can make it more exact by dividing the scale into smaller steps: Between N and NE, there is NNE, NEE, and so on).