If I am playing the original version, in which magic is very limited due to a lack of ether potions and spells by level (max 9) then I'll just go for 2 Fighters and 2 Red Mages. That version is much more difficult, and much less forgiving as far as being able to save, and the monster AI is more apt to target weaker characters. That setup gives me two tanks up front, with two swiss army tanks in back who can fight, heal, nuke, and cast the neccessary specialty spells, such as Life and Exit. There is enough good armor to armor up two fighters, you can give them Exalibur and Masamune, and the Red Mages are every-turn back up hitters who can cast in a pinch, but it's really not their primary duty. This party is made to hack, slash and grind.