Just thinking of starting another playthrough, and the party I'm thinking of is something like the following:
Lizardman Fighter -> Ninja at level 8 (or 6 with a lucky roll at character creation)
Lizardman Valkyrie (best class in the game, particularly given the low XP (lower than priest) needed to level up
Dwarf/Lizardman Priest (2 attacks at the start, and I want good strength to take advantage of it; also want to start with a healing spell; Dwarf works best for low rolls, while Lizardman is better with a higher roll at character creation)
Dracon Thief (a Thief is basically mandatory due to a rather serious design flaw; might as well get someone with a breath attack)
Faerie Mage -> Priest -> Alchemist (want to learn MALOR as soon as possible)
Faerie Alchemist -> Bishop (gotta have all three types of magic)

Later, once I get past the need for the Priest and Thief, I might introduce a Samurai and perhaps a Priest -> Alchemist -> Bard into the party.

So, how does this party sound? It gets me what I need, a good early game physical attacker, and all 3 types of magic at the start. Is this a good party, or do you have some suggestions for improvement?

I'd go Dragon instead of Lizard for the Valkyrie and I'm not a fan of the little fok ... Elf Mage is more survivable ime

Thing is that Lizardmen are stronger, faster, and have more vitality than Dracons, making them the superior choice unless I want the breath attack.

Also, if I'm going for survivability with my mage, I would go Lizardman; Elves are only slightly more durable than Lizardmen (max 17 VIT as compared to 16, while Lizardmen get up to 24(!)), and Lizardmen are just as fast as Elves. Fairies, on the other hand, are much faster (24 AGI as compared to 19).

There's also the fact that Fairies get 5 AC naturally, and it's a while before you find any decent equipment other than what's sold in town, so that 5 AC actually goes a long way (although, of course, I won't be putting that character in the front row).