You'll have fun. My recommendation is to start a thread as a sort of journal where you can update everyone on where you are, and how you're doing. This will keep you inspired, and make the experience more fun, since you can share your accomplishments with others.

Hyprophant has a wonderful and very helpful guide on GameFAQs.
http://db.gamefaqs.com/console/psx/f...l_one_ozma.txt

On a challenge like this you should definitely get lots of information and follow the words of those who have already completed it so you don't make a mistake like missing an item that can force your to start over, etc.

Also, a few of us on the board have already completed this challenge and started journal-like threads. They can be a useful resource if you get stuck or need more information. Good luck.

http://forums.eyesonff.com/showthread.php?t=54748
http://forums.eyesonff.com/showthread.php?t=75168

P.S. There may be more, but please do not revive old challenge threads by posting in them.