Level doesn't factor into the equation because enemies level up with you in FF8. Actually, a low level is definitely the better option. Make sure you have some good junctions. This shouldn't be a problem because:
a) you're in the later stages of the game
b) you're in the Lunatic Pandora, where the draw points contain good magic and the stock at the points restore particularly fast.

Spells like Meteor, Flare, Holy are a must junction. It may take a while to get 100 of each but it'll happen faster here than anywhere else. There's also a draw point for Curaga around the elevators which will help for preparations.

For the battle itself. Use Cerberus and use Curaga to keep HP up. If have Aura (which you should, from refining), Squall should become a juggernaut of painfullness.

Other than that, keep at it,