Assuming you are referring to Wizardry Gaiden 4 (you probably aren't, but since you didn't mention the game...):
Felpurr Bard: Well, there's no Haste, but the Drum of Battle (casts MAPOBA, which improves the party's AC and worsens the enemies by 2) and the Lyre of Cakes (infinite MADIAL is handy) are both quite useful here. Also, Felpurr, being one of the 3 races capable of 20+ Agility, is good for the ability to always act before the enemies; very useful in the Dragon's Cave where you will frequently need to get off a CORTU (boosts magic resistance) before enemies attack.
Lizardman Fighter: Decent. That 22 Strength certainly does help. (However, do note that Gnome Fighters actually level up faster, but I don't think it's worth trading Strength for slightly faster leveling here.) Note that you can't change weapons during combat, and the strongest bow is Samurai/Ranger only. Also, Diamond Eyes is quite rare; I haven't found it (though it does exist and is usable in the offhand).
Elven Bishop: Bishops are really not that good in WG4. To get 7th level spells, you need to be level 25(!) for mage spells and 28(!) for priest spells. Also, Bishops don't get alchemy or psionics. If item identification is what you're worried about, just create an Elven Bishop with exactly 10 bonus points, say Yes to the extra training (start at level 4, but you're 3 years older), and have her just stay in town.
Dwarven Valkyrie: A decent class. Not as good as in Wizardry Gaiden 3, but still quite good. (It is worth noting, however, that because of the Rod of Raising being the best weapon available for quite a while, Priests might actually be better until the Ancient Cave.)
Fairy Ninja: No Cane of Corpus, but Fairy's can use most Ninja weapons. Also, the Angel's Stick is a rather nice weapon before you get the Shankoken. Unfortunately, slow leveling and low HP growth (due to low Vitality) mean this character will have problems with accuracy and extra HP, so you may need to give her some extra training. (See if she can survive in the dungeon solo.)
Final character's class isn't stated, so I can't evaluate this character. Also, note that there is no Bloodlust.
One weakness of your party: Nobody has psionic spells. (In particular, MAKALMA, which displays a 5x5 map that shows even areas you haven't been to, is sometimes handy.)