Getting all of your characters back in the WoR technically IS a sidequest. Otherwise you would only have Celes, Sabin, Edgar, and Setzer for a party.
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Just train in the area before you face sephiroth. :p
It'd be easier if you told us you're levels and besides mastering you're materia takes a while as well you know. ;)
You are at a high enough level...far higher than I was.
Now for the battle preparations.
I like to use the Back Row for battles. You do less damage but so does the boss and you can grind it out easier. It will just take a bit longer.
FURY! I can not stress this point enough. Be in Fury and use hypers to get into fury. Your limit meter goes up twice as fast and depending on your limit level it will help very much so.
smurf Vincent. He has the :skull::skull::skull::skull:tiest limit break ever. smurf him in the ass if you can. I tend to use Cid, Cloud and Cait Sith(I like the randomness of his limit break).
If you don't have Cloud's Level 3 limit set it to level one and do Cross Slash. Not only does it have the effect to put enemies in stun and stop for a turn or two but you will also be getting it left and right.
Ribbons...you should have 2. Equip them or be smurfed.
Everyone should have cure materia and should be using it all the time.
I hope this helps. This is more of a risk free strategy. I just wail on him until he dies most of the time. Hell if you can grind it out long enough Sephiroth will actually run out of MP :D I have done in before due to royally smurfing up and not equipping ribbons. That was such an epic battle of barely making it out alive. 8 or 9 super novas and a bajillion spells later and he runs out of MP and thus most of his turns are wasted due to not having any MP XD
i made monsters run out of mp but didnt think bosses could (they never lasted long enought or i never lasted long enought) and when i said dumb luck about the chocho thing i was talking about the chance of leveling up while doing it as being unlikly.