First of all what a pleasure it is to be re-playing this gem of an rpg after so many years - I'm addicted all over again!

My question is -
Throughout the game are stat bonus liquids - red=might, white=luck, etc

Is it generally better to spread out these stat bonuses among the party or concentrate each color on one character. I remember back in the day I would give my Knight ALL the might, Cleric ALL the personality and so on, but now I'm thinking it may be wiser to spread them out a bit for a more well-rounded group.

Any advice on this would be appreciated.

You get diminishing returns the higher you pump up your stats, getting much more benefit from raising a stat from 10 to 50 than from 50 to 90, for example.
So I suggest spreading them out, but don't give Int and Per to those that don't benefit at all from them.
Also, it may be a good idea to give one character a very high STR , so he can open the heaviest of coffins. I don't recall the excact value, though.

Concentrating the stat bonuses has its advantages, there a a few locations which only raise a stat if it's lower than a certain value and if you have 5 party members with a low stat all 5 get the bonus.

But be aware that 250 grants the maximum bonus, higher stats won't make a difference.

The game is beatable no matter how you distribute the stat boosts.