Welcome to the board, Tavis!!!
Check out the BEST TIPS thread for a lot of useful information.
As to what characters/races etc. you should create - create what you like!! All races are pretty neat to play for one reason or another.
You will be able to change class as you progress through the game so don't fret about which class. The only thing you should be cautious about is changing a magic user from one class to another before they have learned higher level spells. It's always best to let them learn all the best spells all the way to level 7 before switching them to another class.
ZenMaster and Valkyrie are only available at the very end of the game
BUT since you can reset the adventures and play the game from the beginning with you current characters, those classes are fun for a second pass through the game!
Gold is very useful especially for training. There are good tips on how to make gold in the BEST TIPS thread!
Not all the spells are really worth while. The Blood to Gold spell is the worst so don't bother with it at all. Personally, I like to choose good offensive spells and good healing spells. Illumination helps a lot for exploring when it is night time. Cure Poison is really helpful when you do the Serpent Temple. Create Portal, Teleport and Call of Home are especially useful when you finally reach the Lost Sea area.
Don't fret to much about how to create your party and which weapons and things to get. PLAY!!!
When you have trouble, come on back and we'll lend you a hand!
Wyv