So I finally got my issues with the game settled by appearances. Here's my party this time around. I'll fill in the names of the third and fourth characters later.
1) Altredus (LG Male Aasimar Paladin of Ilmater/Painbearer of Ilmater); planning on giving him either 2 or 3 levels of Paladin and the rest of his levels in Painbearer of Ilmater. Going to be primary buffer, secondary healer and secondary damage dealer. I mostly intend for him to have 2 or 3 Paladin levels for him to be able to use the Holy Avenger later on as well as having at least his Aura of Courage to help with any potential issues with fear effects throughout the game.
2) Galuf (CG Male Shield Dwarf Barbarian/Fighter); starting him out as a Barbarian and will later give him 4 levels of Fighter after he gets 20 levels of Barbarian. He's my primary melee attacker. Not sure which weapon to have him use, but from my experience with my original party, I'd be best going with Greatswords once I get one of the Greatswords of the Soulless in Chapter 6. Other than that, likely Axes, Halberds (namely for Pudu's Fiery Blight in Chapter 6 in HoF mode) or Spears (namely the Ice Spear from the Ice Temple). He is also going to be my primary source of the Intimidate skill.
3) (NG Female Human Druid); Planning to go straight druid, concentrating her spellcasting on healing spells early on as well as crowd control spells and whatever buff spells druids get. Feats-wise, I'm planning on giving her feats like Spirit of Flame, Scion of Storms, (Greater) Spell Penetration and possibly Spell Focus feats for either Evocation, Necromancy or Transmutation. Not sure exactly.
4) (NG Female Human Bard); Full-blown Bard, tertiary healer and buffer. Primarily will be singing throughout most of the game. Will buy Raging Winds in HoF mode for her to use then.
5) Adolfus (CG Male Human Sorcerer); Solely Sorcerer levels, primary arcane firepower as well as balancing negotiation skills (namely Diplomacy and Bluff) with my pally/priest and bard, but will also give him enough ranks in Spellcraft for Spirit of Flame and similar feats. Focusing on feats that improve his spellcasting, like Spirit of Flame as mentioned previously, Spell Penetration and Spell Focus (Evocation) and (if possible) Spell Focus (Necromancy) and their improvements. His spell selection will primarily consist of Evocation and Necromancy spells that do damage and/or kill enemies outright. I may give him one or two self-buff spells (like Blur, Mirror Image and the like) but other buff spells and such will be handled by the following character.
6) Asterus (LG Male Human Wizard); Only generalist wizard levels, primary buffer (Mage Armor, Bull's Strength and such as well as self-buffs), conjurer (namely Animate Dead once I get it and the higher Summon Monster spells) and enemy debuffer (including [Mass] Dominate Person to stem the flow of enemies). His feats will consist of Spell Penetration, Spell Focus (Enchantment, Necromancy or Transmutation) and (if I have enough spare feats) Spirit of Flame, Scion of Storms and/or Aqua Mortis. I will at least have him memorize all scrolls I find in the event that I do need him more to cast offensive spells. Still, Adolfus will primarily handle blasting my enemies to smithereens.

Hopefully this should work even better than my last party. Wish me luck!

Looks solid. I would say that sticking to only one level of Paladin is probably best on Altredus; the defensive qualities of his aura of courage will be less impactful than having access to higher level cleric spells. Depending on how often you intend to rest going Conjuror on Asterus may make sense, but if you're okay with resting regularly then there's really no downside to going generalist. Any two-handed weapons should work fine on Galuf.

For me the paladin aura is not worth covering the character portraits with symbols, especially when there's a bard available with songs for improving saving throws and even immunity to fear.

My main concern for using Aura of Courage is so the bard can focus on using other songs and doesn't have to juggle such as much. Besides, I don't see what the problem is with covering the character's portraits with symbols. It's not as if I can't see said characters' HP. Besides, I can always see their actual portraits in their respective character menus, namely when I level them up. The main reason I didn't make Asterus a Conjurer is as I previously stated: I wanted to make his spell repertoire flexible. In case I need more firepower, he can fill his list of memorized spells with evocation/offensive spells. If I need minions, then I'll use conjuration spells. If I want to make some of my enemies turn against each other, I'll use enchantment spells. I just didn't want to risk gimping his usefulness by pigeonholing him into one role. Besides, my bard can fill in later on with some illusion and enchantment spells, so that will let me either add more firepower or utilize more crowd control spells (Grease, Web, etc.)

One thing I've learned from all the D&D games I've played (both video games and the board game itself) is following one path of play too strictly can make you too inflexible and therefor can leave you at the mercy of the Dungeon Master (or AI, in the case of the video games).

Depending on how frequently you rest, being a specialist can actually make you more flexible. Knowing a spell is completely irrelevant if you don't have it prepared, and specialists get more spell slots and thus can have more types of spells prepared at any given time than generalists. This is huge in pen and paper where you don't control how often you can rest, and being able to have more spells prepared to handle a wider range of situations can literally save your life.

In Icewind Dale 2, and most of the D&D CRPG's, you're free to rest almost whenever you like. If you're willing to set up camp any time you need different spells this isn't a big deal and there's really no downside to being a generalist. As I said, it all comes down to how often you want to rest. The specialist vs generalist debate in pen and paper D&D 3.5 is actually very interesting and there's a lot of nuance there. However, even people who like generalists regard them as pretty niche. You need a very extensive spellbook before you'll have enough spells known for it to be worthwhile, so it generally only pays off at higher levels.