The setup I used (when I felt like using this and assuming you're no fighting Emerald so there's no cost to equipping materia) was:
HP<=>MP=HP+
A few more HP+s and MP+s to get full stats in each.
Final Attack=Revive/Phoenix
Ando of course:
KoTR=Quadra Magic
Mimic=Counter Command
If you have master summon then you can combine that with HP Absorb as someone said. And if you have extras you can add other stuff like KoTR=MP absorb or MP turbo to boost it to 129,000 for only 5 mp.

And heavy speed boosts so if he dies you have a decent chance of getting the next turn (I think there's a haste shoe or speed shoe accesory that works for this setup).

If you don't want to have this little life W-Summon also works great. But if you are preparing for the WEAPONS and aren't a perfectionist you won't have master anything yet.