Go ahead and use Level3 holy. You'll be healing 400 hp to my wizards. This just shows what an incompetent commander is capable of.
It doesn't matter how much my wizards raise at. When they reraise, it is their turn. Therefore it is not your knights that will get to go. You said that your knights have high faith, but you are protected against only 2-3 status effects. In one turn, I will be able to destroy your entire party using Frog/Petrify/Sleep/Stop, or whichever.
By the way, I have no incentive to get close to you. Because you can't afford to wait and let my high faith wizards that died to reraise, as they will crush your knights in one turn. That means I can just wait while your knights get near, upon which time I can choose whatever katana is needed.
It would be difficult to reach the low faith wizards. You forget that in the beginning, you get to position your units. Thus, even if I have one low-faith wizard that can't be reached by melee, you have no way of killing her before the others reraise.
You are speaking as if my wizards won't get a turn. That is totally false, and distortion of facts. Once a wizard resurrects, it's her turn. Thus, they will get to cast whatever spell is needed, be it L3flare, L3Frog, or whatever.
CT filling is entirely dependent on speed and related status effects. There is no random chance. Because the base speeds are the same, I know that my wizards will get their turn before your knights get their 2nd turn.
By the way, Move MP-Up will ensure that I have a way to restore MP, which will keep MP switch going.
Come to think of it, after reading that really poorly thought out plan you presented, there is absolutely 0 chance your knights can possibly win, with the exception in a scenario where they start right next to my wizards, with each one in a convenient position to land a melee hit right away.

Mwork:
I said it before, and I'll say it again, but perhaps a visual aid is better.
- wall | wall *wizard
|------------------------
|***
|**
or
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__ ***
___**
Tell me, how would the knights reach the wizards surrounded by the other wizards? If those are 3 faiths ones, it would be impossible to kill them before the others reraise.
Choco Attack is physical, last time I checked.