I don't understand all the hate directed toward this game. Sure, It may not be as good as FF legend 2, Romancing saga 1-3 or both Saga Frontiers, but it's still a damn good game. as far as leveling up weapons and magic goes, just don't give everything to everybody. In other words, customize.
My party:
Firon: dual swords; cure, holy, ultima
Guy: spear and axe; status spells and cure
Maria: bow and arrow or variable weapons; Black magic and cure
Leon: spear and blood sword; flare, holy, cure and bio.
But enough from me, what about you?