Here is how I equipped the team with:
Garrrett: Excalibur, Void Shard, Genji Amor, Genji Glove, Shozoku
Phoebe: Chaos staff, Minerva, Ribbon, Wings of Time
Keiji: Zammato, Paladin Shield, Grand Plate, Shozoku, Cerberus Spirit
Barth: Hand Cannon, Aegis Shield, Crusader Helm, Shozoku, Warrior soul
Lena: Grand Scepter, Grand Scepter, Minerva, Genji Glove, Three stars
Xelltath: Ultima Balde,, Grand Plate, Ring of Varda,, Ribbon
Malus: Mace of Zeus, Grand Scepter, Force Armor, Genji Glove, Shozoku
Rei: Longinus, Dragon Lance, Aurora armor, Genji Glove, Titan glove
Garrett: I equip him so that he can get critical hit and get energy gain faster. His defense is horrible (due to two weapons), which I have to sacrifice but his luck is high so he can avoid some attacks. Genji glove just helps his defense little bit.
Phoebe: I equip her so that she can be immune to all states, speeding up her and she only focus on her curing process. I gave her Chaos staff because she cannot equip three stars so she can gain some MP for curing. Minerva will boost her defense (both physical and magical)
Keiji: I equip him so that he can gain energy faster, which he can use his energy for his attacks. Since he is in front, so I have to give him the good shield and armor. Shozoku will help him to avoid some attacks and speed him up.
Barth: I equip him so that he can get critical hit. Since his defense is very weak, I give him the best shield. He cannot be blind (otherwise he is useless) so I give him Crusader Helm. Warrior soul also boost his attack and his defense. With everything I give him, he is still the weakest unless you have a better way to equip him.
Lena: I want to equip her with two first hand weapons because she does not use shield anyway. I don't need to use override at all. I use genji glove instead. She still gets double magic power without sacrificing MP. Even though the damage is 25% less but it is better than sacrifice MP. Her magic consumes a lot of MP so three stars will help her. Similar to Phoebe, she needs Minerva as well.
Xelltath: He has a secondary weapon so he cannot use shield. He does not have any special armor to protect him. His speed is horrible. So to boost all of that, I have to give him Ring of Varda. I also give him Ribbon so that he can focus on his attack only. Grand plate will also boost his defense as well.
Malus: Similar to Lena, I equip him with two first hand weapons so that he boosts his magic attack without sacrificing MP. I give him Force armor to aborb all magic attacks so that he does not have to worry about magical defense. I also give him shozoku to boost his speed (he needs it) and avoid some physical damage.
Rei: Her strength is counter attack and she needs to gain energy. There are two options for her: one is with Cerberus Spirit and Frenzy band and another is two secondary weapons with genji glove and titan glove. I choose the second option because she does more damage that way. The only armor left for her is Aurora armor which gives her a bit of physical defense, magical defense and evasion. Her defense is horrible but I have to sacrifice to boost her strength in attack. That is the reason I ask you to give her a special armor. Same for Xelltath.
What do you think?