Just for fun, I am going to assume you mean Wizardry Gaiden 3. (You almost certainly don't, but I just feel like talking about it.)
Felpur Bard: Um, that race doesn't exist in WG3. Maybe you mean Faerie? Whatever race you mean, be aware that you won't be finding any instruments mid-game, and by the time you actually find the good instruments, you won't need them, because your Bard can just cast TILTOWAIT without needing an instument. (Plus, the instrument that casts it has a 1% chance of breaking.)
Dwaren Valkyrie: You probably mean Dwarven. Good choice, but Lizardman is better in the long run. Piety only affects your chance to learn spells, while Strength, Vitality, and Agility actually help your fighting ability. (Incidentally, my WG3 party actually *has* a Dwarven Valkyrie, and she does pretty well, except for the fact that she doesn't have Mage/Alchemist spells because I was using her from the beginning.)
Lizardman Rogue: An interesting choice, though I would probably go with Dracon for the breath attack. It isn't much, but will give the character something useful to do during battle. Personally, I would recommend dropping this character after level 10 or so, and only bring the character back into the party when you encounter a locked door. (I actually wish Wizardry 6-8 hadn't taken out the ability to go back to town, leave characters behind, make new characters, and later bring back your old characters if you so desire.) Also, since you have the Thieves Dagger, you could use it to change this character into a Ninja, but I suggest waiting until you reach the Castle to do so (but then how did you get the dagger before then? I didn't find it until the postgame). (Also, there's no Bloodlust.)
Faierie Ninja: I assume you mean Faerie. First question: How were you able to get the 42(!) bonus points needed to start as a Ninja? (Is it even possible to get that many?) Anyway, this setup actually works, but will be vulnerable until you get some good post-game equipment. I have one in my WG3 party and her HP is the lowest in my party. She kept dying a lot until I got that Ninja armor that provides -10 AC. Of note, oriental weapons due tend to be usable by Faeries for whatever reason, so the fact that the Cane of Corpus does not exist in WG3 isn't really a problem. (Faerie is also a viable race for a Samurai for this reason, but I think Ninja is a better choice.)
Fairie Bishop: Again, I assume you mean Faerie. One problem with this choice is the inability to attack from the back row until you find a certain powerful weapon you might not find until post-game. (Even then, Bishops are unlikely to be able to actually hit enemies with them.) Also, Bishops take a long time to learn spells (they don't get level 7 Priest spells until level 28(!); it's much faster to class change between Priest and Mage. Also, Bishops don't get Alchemy. (Psionics don't exist in WG3, in case you are wondering.)
Disclaimer: The content of this post almost certainly does *not* apply to the game you are actually playing, especially since you seem to be using a race and a weapon that don't actually exist in the game this post is talking about.
