Yes.
If you have a warrior also look into Fortitude. I think Fortitude relates to how much Hp you get per Lv up.
I take back what i said in the 1st post...If you have a warrior change him whenever you want but if it is a Wizard or a Priest then wait till you have all of the spell you want then change. this goes for any character who has spells.
Hopefully this make since.
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WizardMen