Hi everyone, I'm Krunal (the author of the License Board FAQ that you've put on the first page ) I thought that I'd put my two cents into this conversation

Anyway, what you need to do is take a look at the License Board FAQ that accompanies the Image version of the FAQ. The Text version contains details on exactly what each magic and weapon and well everything is. I've also submitted an updated version of the License Board which should be updated in a day or two which will have a couple of changes from the one on the first page (corrected many errors).

With that out of the way, believe me when I say that the Licenseboard is anything but complicated, once you get used to it, it you will love it and find it easy to use. Oh and all characters that are not active also gain LP so no worrying about that (they wont gain EXP however).