For better or worse, the game is actually 3D and the models are low detail enough where I could not really tell you if thee were more than one or two outfits like in the art. I did play an all female party for my actual attempt and the game did not make any mention of your characters' sex to my recollection. Worth noting, my game glitched on me around the Toad village and I do not think I can progress with that file anymore (I kept a few other files as well but I cannot figure exactly when the glitch occurred.).

The gameplay is actually rather fun when it does work and combat is basically like a Wizardry game (I think). It can get maybe a little heavy on the combat, if memory serves, but I did not think it was too difficult but yet again I did not get very far.

It's an hour long, but I like this review:
https://www.youtube.com/watch?v=sqdKBSXVK5w

I guess I should point out that the literal female sprites do look like what you probably are asking about and the satyresses I seem to recall are topless. However, see above about their character models.

You mean the real Wizards and Warriors, and not the fake imitation that plagiarizes its name?

If so, that game is awesome and one of the best games of all-time! Contrary to what that statement says, there is nothing sexist whatsoever about the pretty & sexy damsels in distress who you save in that game.

The actually sexist thing is what modern games do that are nowadays almost always made both by and for SJWs: forcing all women to look masculine and/or androgynous against their will, and wear men's clothing, even though many women love to look sexy & pretty and feminine and wear women's clothing and/or not much clothing.

SJWs trying to dictate that women aren't allowed to do that and are forbidden from being themselves and representing themselves in the way how they wish to...and them therefore drawing almost all modern 'female' characters in a way that pretends pretty/sexy/feminine women don't exist and have been completely erased out of the world...that right there is the epitome of sexism!

The soundtrack is very good in the game by the way.

Naked women? Oh noes! The evil, the corruption, the creeping moral decay rotting away the moral core of our civilisation! So... the 80s TV series?

Or the NES games that had Fabio on the cover.

I've tried to get started more than once on it but could never really figure out what to do with party creation/how to start. Any tips?