i thought it was aire tam storm.... backwards "materia"
and yeah it's not supposed to do anything, which is a huge advantage, and as long as you used the w-item trick to give urself 99 megalixers and 99 hero drinks. (also, hypers might help so if your character is in the Fury state, s/he will get a limit break quicker)
i also recommend sprint shoes, and each character with their final weapon, and i don't know about armor. if anybody can recommend good armor (besides the assumable mystile armor lol)
i personally like tifa, yuffie, and cloud. Yuffie's doom of the living is nice, and tifa's limit but i guess it's a little long....

anybody else got something to add? or separate suggestions?