No, enemies level up as you do anyway.

I should have mentioned above to have Recover and Revive on different characters, but not Squall in case you get hit by 10,000 Needles.

Squall can have Magic, Item and Draw as he will be using Renzokuken a lot.
Character 2 should have Magic, Recover and Item/GF.
Character 3 should have Magic, Revive and Item/GF.

Make sure you have plenty of Full-Life, Aura and Haste magics as these will be the ones you will use the most.