Party setup reccomendations will be forthcoming in the next revision of my site
Meanwhile, I'll just say some basics on it.
Don't give mages good weapons or armor (in fact, barefisted mages seems like a better idea than you might think), make sure you can heal a good amount of HP in one round, and if you want to know if something works, just battle test it. If you're getting through the dungeon fine, keep going. If you're not, re-think your strategy.
My current setup is...
Frioniel: Paladin until Minwu dies, then pretty much dedicated white mage. Uses knife, NOT SWORD!
Maria: Black mage, back row when making a serious dungeon run, front row for training, equipped with staff, NOT BOW!
Guy: dual axe wielding cuisinart of doom
Minwu: White mage, duh
Gordon: Archer, BACK ROW STYLEE!!!
Josef: Monk, again, duh
Leila: Th... HEY! Where did all my gils go?!
Richard: spear guy (tm)
Lionheart: sword guy (tm)