Actually, I'm in the middle of FFI myself at the moment, around the Earth Cave first trip (love that music). My party:
Will - Fighter
Jack - Red Mage
Kate - White Mage
Gray - Black Mage
Having a Red Mage in there allows me to stack two spells of a color when needed... Ninja may be powerful but I've always liked more magic users!
![Cheesy :D](https://elementscommunity.org/forum/Smileys/solosmileys/cheesy.gif)
Mix in Final Fantasy V is really amazing, more so than Rikku's Overdrive since it can be spammed. Here are some of the cooler combinations:
Kiss of Life - revive with half HP, full MP (Maiden's Kiss + Phoenix Down)
Ether Dry - four times as good as an Ether (Hi-Potion + Turtle Shell)
Split Shell - halve enemy defense (Antidote + Turtle Shell)
Giant Drink - double maximum HP (Elixir + Dragon Fang)
Dragon Armor - boosts defense and magic defense (Phoenix Down + Dragon Fang)
Kiss of Blessing - Berserk, Haste, and Image (Holy Water + Maiden's Kiss)
Elemental Power - +50% magic damage (Holy Water + Eyedrop)
Dragon Power - Level +20 (Potion + Dragon Fang)
Life Shield - resist instant-death (Holy Water + Phoenix Down)
Shadow Flare - massive non-elemental (Dark Matter + Dark Matter)
All except Turtle Shell, Dragon Fang, and Dark Matter are available at shops, Elixir is the only costly item. Turtle Shell and Dragon Fang are guaranteed drops from turtles and dragons, respectively, so easy to farm.