I have gotten the Excalibur II before. If you are willing to skip a lot of stuff, then it really isn't all that difficult to do. (It is possible to get everything in the game including the Excalibur II, but that's going to take a whole other level of skill, you might want to start small) There isn't enough time to train your characters to be strong, but it is certainly possible to get through the game with weak characters, as there are some powerful moves in the game that if you utilize properly will get you through most of the game.

It is a challenge though, a lot of restarting and relying on luck to get you through. Most people see it as a waste of time, because it doesn't teach Steiner any new skills and Steiner can already do 9,999 easily with the Ragnarok, and skipping through the whole game's worth of story ruins the experience for some people. But if that doesn't bother you, then go for it, when it's not frustrating it can be quite fun. There are good FAQs for it on gamefaqs.com.