Thank you all for your replies. I've actually decided to go with the following party now:

Female Human Fighter
Male Dwarven Fighter
Male Human Monk
Male Human Ranger
Female Human Priest
Female Faerie Mage

I wanted to add a priest after reading all your replies, and I decided to drop the bard because I didn't want to get rid of one of my front-line fighters. I changed the Valkyrie to a pure fighter because I want a good sword fighter, and my dwarf just has to use axes :D And now that I have a priest the val's healing skills won't be so necessary.

Thank you all for your help. I know I'll be back on these boards quite a bit - but for now I'm about to embark on my first Wizardry adventure ever!