You'd be surprised. I think Square Enix even announced its possible to beat Yiazmat at Lvl 1.
While their levels are low, they can still use the License Board to obtain Augments to increase their HP, Weapon Licenses to get more powerful weapon than normal, etc. With all HP Augments + Bubble Belt, I think you can get around 4000 HP.
They can get the weapons more powerful than normal by running to areas you wouldn't normally go to (e.g. going to Mosophoran Highwaste REALLY early) though they would have to have MAD skills at running away from monsters. Same with Magicks and Technicks.
As for obtaining the Licenses and LP, I think Basch, Ashe, and Penelo start off with quite a bit of LP when you get first get them. Bosses and Marks also give LP and no XP. Or, later on at Phon Coast, they could buy an accessory that reduces the amount XP obtained to 0 (forgot what the accessory was called) so they can start fighting regular monster at that point for LP, Items, Loot, etc.
The Final Boss Defeated:
http://www.youtube.com/watch?v=YxPsrOKg-sY




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