That sounds like a good way to go
It should be reasonably easy to make a working replica of FFVII's battle mechanics using pen and paper; it'd just have to cut a few corners and simplify things a bit. Dice and such would be good for determining misses, criticals and the random damage modifiers. Maybe two dice - first one for hits (1=miss, 2 to 5=hit, 6=critical) and the other for damage randomisation.
Something like that, anyway.