Luckily for me, I found 2 Ice Staffs, and 2 Fire Staffs, as I always run around in zoomed mode. However, because of this, my White Mage and Black Mage seem to be the ones dealing all the damage, using their weapons to cast free spells, and the Warrior and Red Mage seem to be there just to avoid getting killed. My equipment for the Warrior and Red Mage are as follows:

Warrior:
Salamand Sword
Ice Shield
Ice Helm
Flame Mail (I bet you thought I'd have the ICE Mail!)
Mythril Gloves

Red Mage:

Tyrfing
Ice Shield
Ice Helm
Flame Mail
Mythril Bracers

With the warrior, I can replace the Ice Shield with a Spark Dagger, which will raise his attack power to 53 (from 30), but lower the defense to 34 (from 40)

With the red mage, I can replace the Ice Shield with the Wight Slayer, which will raise his attack to 43 (from 28), but lower his defense to 33 (from 39)

I am also able to retrieve more Tyrfings very easily, since I'm on the Dwarf's Island, and can buy them with my massive amounts of money.

So... should I drop a small amount of defense for the offense, or just keep the defense?