"You and I drink wine."
Translation:Io e te beviamo vino.
You are right. "Io e te" is an exception to the rule. It should be "Io e tu" but it's today felt incorrect, and I'm pretty positive that grammars books consider "Io e tu" incorrect as well. This exception is valid only with this exact expression. If you revert the two pronouns, you should say "Tu ed io" ("Tu e me" and "Te ed io" are incorrect, although you could hear the latter in regional dialects).