I normally respec nearly my entire party for this fight. One barbarian gets maxed bleed while a second gets maxed flurry and madness, archers get maxed BotS and rapid shot, one ice mage gets maxed slowdown, one knight doesn't get respecced but does get placed at the entry point for the "feeder" sheep, one dragon gets maxed bite and halitosis, and a second dragon gets maxed claw, bite, and strength. 2-3 healers get maxed inspire. I also respec Azra for maxed frenzy.
The most important thing starting out is to make sure the ice mage, bleed barbarian, and halitosis dragon put on as many stacks of their effects as possible. After they've done so, I normally don't use those three characters anymore, and instead use the flurry barbarian and bite/claw dragon as the primary melee, with potential backup from the ice mage as necessary. Keep the archers in range of the healers so they can be Zealed and remember to frenzy every time it's available and you should be fine. The book "Furious Start" also really helps here because of how often you'll be moving your defenders around. Weaker applications of a status effect will not overwrite the magnitude of a stronger version, they will only extend the duration... so once you've got the maximum poison, bleed, and chill effects applied you can use higher-damage characters to extend them without worry.
Also, the "feeder" sheep are a good indicator of your progress. There are 500 of them and they come out at regular intervals, so you can divide the total amount of health of your sheep by 500 and compare your current number of feeders remaining to your current super sheep health to see if you're on track.