(1) 解:$\because ∠ A=40°,$
$\therefore ∠ ABC+∠ ACB=180°-40°=140°,$
$\therefore △ ABC$的两个外角和为$180°×2-140°=220°,$
$\because BP$、$CP$分别平分这两个外角,
$\therefore ∠ PBC+∠ PCB=\frac{1}{2}×220°=110°,$
$\therefore ∠ P=180°-110°=70°;$
(2) 解:$\because ∠ A=α,$
$\therefore ∠ ABC+∠ ACB=180°-α,$
$\therefore △ ABC$的两个外角和为$180°×2-(180°-α)=180°+α,$
$\because BP$、$CP$分别平分这两个外角,
$\therefore ∠ PBC+∠ PCB=\frac{1}{2}(180°+α)=90°+\frac{1}{2}α,$
$\therefore ∠ P=180°-(90°+\frac{1}{2}α)=90°-\frac{1}{2}α$