I've just bought this game (Damn having to wait for payday!!)
I've been reading a lot about the game in the meantime & have been planning my party.

From what I have read:
Ice magic is the most reliable source of stunning.
Fire magic gets bonus skill points from a treasure.
Shock protection is REALLY important at the end-game.
You should be level 13 at the end of the game.

With this in mind, I am looking at:
Human Fighter (55 skill points and a Tome of Wisdom)
S10 D16 V14 W10
Skilled
Evasive
25 Armour
35 Swords

Lizardman Rogue (54 skill points and a Tome of Wisdom)
S10 D18 V14 W9
Skilled
Evasive
24 Dodge
35 Daggers

Minotaur Rogue (52 skill points):
S21 D6 V18 W7
Skilled
Headhunter
50 MIssile
2 Dodge

Insectoid Mage (54 skill points and a Tome of Wisdom and Tome of Fire):
S8 D11 V12 W20
Skilled
Strong Mind
10 Spellcraft
28 Fire
24 Ice

Anyway, comments? suggestions?

Edit: To take into account answers received.

This is almost the same party as I plan to have. The main difference is not Human but Lizardman Rogue (and it has Skilled) and Mage with Air/Spellcraft only. Also I think I will not increase Armors skill so high.
While creating my party I based only on starting skillpoints. I do not know and do not want to know where/how many tomes of skillspoints are.

Human/Fighter
10/16/14/10
Skilled/Evasive
Swords/Armors[7]

Lizardman/Rogue
10/18/14/9
Skilled/Aggressive
Daggers/Dodge[6]

Minotaur/Rogue
21/7/18/7
Skilled/Head Hunter
Missile Weapons[4]

Insectoid/Mage
8/11/12/23
Skilled/Strong Mind
Air Magic[4]/Spellcraft[2] Even if skill level does not give you any particular bonus (like str or dex or special attack / spell) it still increases your proficiency / damage, so for me there are not really unused skill points.

I went for the threshold for Heavy armour on the fighter & light armour on the rogue.
I then added for the double evasion bonus.

So would Air or Ice serve me better alongside Fire?

Would those 2 points thrown into Athletic (+1 Stength) be better used in swords?
I'm guessing slightly better hit rate but less carry weight?

I can't answer you so detailed questions (yet) as I'm not very experienced LoG player because I have no time to play it for a longer period of time. My plans are based only on some post I've read from time to time. As for Air it is not mainly for damage, more for just one particular spell which could be helpful while playing hard mode. ;)

Each point in a weapon skill (Swords, Axes, Maces, Missiles ect.) gives you +1 attack power and +1 accuracy when using the given weapon. Every even numbered strength value gives +1 general attack power and some carry weight.

2 points in swords would give you +2 attack power and + 2 accuracy using swords. +1 strength would give you at most + 1 attack power and some carry weight and even then that's only if you end up with an even numbered strength value. If you are already at an even numbered strength value with items/traits ect the +1 strength from athletics would give you nothing.

I'm guessing you're talking about invisibility.
I'm interested in the lightning damage & shock shield.
These should be very useful at the end of the game, but is this more or less useful than the Ice stun throughout the game?

Air/lightning bolt is the 2nd highest damage school (Fireball does the most). Ice has probably a 50% chance to stun with frostbolt and does far less damage than air/fire. The stun can be really useful though unpredictable and supplements either air/fire well as a secondary school.

As for the shield spells their usefulness entirely depends on how good you are at dodging enemy magic attacks (Which you should be able to dodge almost all of).

Thanks for the info guys.

Keep it coming.....

;-}

Fire magic does the best damage, but is the most resisted (with frost magic.)

I would say, if you get fire, also get frost or air magic in order to work around fire resistant monsters, and if you go for frost magic, be sure to get air or fire in order to work around frost resistant monsters.

I, myself, like frost a lot, because I can position my assassination rogue for backstabs when monsters are stunned.

Heh, you haven't even started to play and you are already powergaming and did more thorough than I did and I already completed about half of the game. In my opinion you shouldn't overdo it and go with what you are comfortable with instead of what does highest damage. It waill be first time you play it and at least I wouldn't want to breeze throough it too easily as the game needs some challenge.
I haven't even checked forums before I started and I created party to my liking, not to maximum effectivity. I have to fighters, which is most likely not optimal and also my mage has earth magic, which one is probably not best (it wasn't suggested once here) but I don't care as I haev fun with it.
Btw. minotaur archer with 6 dexterity looks funny. :-)

That's pretty much my thinking.
I think I'd get annoyed if I didn't take fire as there seems to be several fire related goodies, but don't want to use it exclusively. It's just a question of Ice for the stun or air for the shock (both attack and defence). I'm leaning towards the Ice.
If I only put 10 into Spellcraft (for the 25% faster casting), I can get greater bolts of 2 elements.

Because whole construction of "ranged weapon always hits" (no need accuracy / dexterity) looks funny.

It indeed does. :-)

When I play single player (most of the time) that's just how I roll.
I have so many games to play that it's generally best part of a year before I will replay.
So I try to make the best effort first time.
I learned this lesson in BG / IWD, where I would get so far through & then keep finding great gear that I couldn't use. So I would restart & get a bit further & it would happen again, and then again.....
I love playing them (They do get replayed more than most) but some other games feel a bit neglected so I'm trying to be a bit more efficient with my game time.

The minotaur does seem odd, but apparently it works, so...

I certainly don't want to criticize it. If you enjoy it most that way go for it. I wouldn't. Apparently I am quite different player. I am the one who tried to make as bad ranger in IWD as possible (with maxed charisma and intelligence but lowest dexterity, condition and strength) and took Tiax in BG1 not ddespite he has terrible stats but because he has terrible stats. :-)
You could have played some other game without minmaxing while you were waiting for Grimrock instead of doing your research. ;-)