I don't know about entire materia set up, but here are a couple of pieces that I usually include.

Contain=MP Absorb | Magic Plus
With the Magic Plus boost you will almost get as much MP back as you spend nuking the crap out of something. If you are frequently using it against two targets use Ultima, however it will not come close to paying for itself on one. (Though this damage is somewhat irrelevant if you get to using ultimate weapons.)

Cover | Counter | Long Range | Destruct/Time=Added Effect on the Weapon | Fury Status Effect
You have one character taking all the physical damage for the party, but from the back row. They also counter all the hits with an attack that will has a chance for instant death or stop/slow (whichever is your preference) and fill their limit bar up quickly. Also beneficial in that you can set this up fairly early in the game. You can also be extra nasty and add Hades on the weapon instead.

Deathblow=Added Cut | Mega All
The Deathblow/Added Cut is an awesome combo right from when you first get it, and having the Deathblow hit everyone just makes it sweeter.