Karellen seems to have covered my argument for me. It takes no time to learn the necessary magic refinement abilities and little time/money stocking items and low level magic to be refined into higher level magic, and as said before, HP and strength junctions are all you need. The first makes you unkillable, the second kills everything in your way. And since high strength is better than casting a spell every time, you'll never have a reason to run down the magic stock.

All of this is easy to do, and can be done early on in little time, or by simply going through the story normally. Either way, you'll be more than powerful enough to carry you through to the end of the game by the end of the first disc, and that's without ever going near the draw points on the islands closest to Heaven and Hell. And that was really my point to begin with. You don't have to take the time to grind to become far too powerful much too early in the game. But I think we may be getting a bit off the original topic now.