I just Reraised/buff spammed to survive the upgraded Red Dragon.

Omega Weapon pretty much is like Kaiser Dragon minus the annoying Barrier Change. He constantly spams Heartless Angel, Forsaken (you can finally see it outside the final battle), and even Ultima if my memory is correct. He's pretty mean. But he's nowhere near impossible, he's just a bit more powerful than any of the other superbosses.

And yes, I am very happy that I can have both the sword and the Esper. I can be lazy and Morph things!