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Your party is basically mirroring the one I am just finishing with. I recommend choosing a fighter for the frontlines. You can pick up a really good monk RPC later (but with no magic skills). I found that putting the fighter samurai rogue monk (RPC) and lord in the middle rank (one each side, 3 in the middle) with the ranger mage and valkyrie (RPC) in the middle rear really gave the best hitting power.

I used the lord as a priest until about level 14, now he basically acts a fighter (2 blades). And he's a dwarf to boot.

The front line is now all around level 18 or so and with the advanced weapons you get later they do incredible amounts of melee damage (fighter - 350+, samurai - 250+, etc etc). Melee is the name of the game. If you choose a Mook ranger you can get a sword later that can be used from the rear ranks. Now when I close on enemy groups everyone (even my mage) is in melee mode and kicking the crud out of everything that moves.

That's what's great about this game, you can have a party like this which is basically a bunch of slicers and dicers, or you can have a heavy magic group and still wipe up. Your choice.