I'd really like to get into this game, but the number of options with the party creation is really overwhelming. Is there a guide anywhere for building a good party and what stats to use for each character etc?

This is a pretty decent strategy guide with ratings for each class: http://www.gamefaqs.com/pc/374906-wizardry-8/faqs/55174

Online strategy guides will list the strengths and weaknesses of a particular class, but will not recommend a certain party configuration simply because there isn't the optimal one. Everything works in Wizardry 8, to a greater or lesser extent. Just make sure your party is balanced enough. You should have 2-3 melee fighters, at least 2 casters, and the others can be ranged/utility classes. If you really can't make it out of the Monastery (starting dungeon) despite the best tactical play, then you might reconsider starting anew with a different party. You can't really go wrong, unless you do something dumb, like getting 6 characters of the same class. But people have ascended (finished the game with) even such parties, so anything is possible.

If you're talking about Wizardry 8...

I would simply create my own party and go with it instead of reading a guide (exactly what I did, too). Certainly, you might not create the most powerful party around or the most powerful characters around and you might spend skill points in skill you don't really need. On the other hand, neither do you *need* that most powerful party or those most powerful characters.

My alchemist does more damage with a sling and impaling stones than with spells, my bishop - the master-of-all-spell-schools - can only cast spells from one school and I just at level 14 remembered that I should've practiced my samurai's magic skills. But I'm still doing fine on expert difficulty. So the game is quite forgiving, as long as you use some common sense and go for some sort of a balance.

There's some discussion here:

http://www.gog.com/forum/wizardry_series/party_building/page1

But the advice already given is excellent. Just play it your way while maintaining some reasonable balance. My one recommendation is this: if you want a character to deal damage in melee, max out strength as a priority. Even for fighting classes you might not typically associate with strength. The bonuses of high STR plus access to power strike shouldn't be overlooked.

The nice thing about 8 is that you can build pretty much whatever party you want and still finish the game.
Ideally though, you want:
One character who can pick locks
One character who can cast healing and curative spells (bard and gadgeteer can work just fine here)
One character with strong melee capabilities

That's really it. Some parties will be more effective than others, but as long as you've got those three things, you're set. (It can even be the same character, e.g. a Ninja.) One thing to note, however, is that the heaviest armor and heaviest weapons can only be used by Fighters, Valkyries, and Lords. Chainmail is pretty effective, but if you want a true iron-clad bruiser, it needs to be one of those three classes.