Masamune to one Knight, Excalibur to the other and Sun Sword to the Red Wizard.

Even if you are running with only one Fighter, you then have the choice of Excallibur/Knight - Masamune/RW or Masamune/Knight - Sun Sword/RW. Either way one of the two is performing sub optimally.

#1 - F|F|RM|WM, #2 - F|Bb|RM|WM and F|T|RM|WM a far distant #3. From what I read about the game having a Black Belt instead of a second fighter sounds like it should be better, but I had a poor experience with it. In any case the two parties are very close.