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Well you both have good teams for FF1, however, I'd say you may want to re-think your line ups. ; )
MadMario: Black Mage, Fighter, Black Belt, White Mage. All of which are good choices. However, as cool as it is to see the Black Mage walking around on the screen, the top position isn't the best for him. :) As I'm sure you both know, the party member at the top is the one who will most likely be attacked, and as you decline, the likelyhood of them being attack decreases. In simpler terms, the person at the top gets attacked the most, and the person at the bottom gets hit the least.
My suggestion to you would be to put the Fighter at the top, for obvious reasons, then your Black Belt, then White Mage, and finally, the Black Mage. I put the White Mage above the Black because she has more HP then the Black Mage.
Griever: My suggestion to you is the same.
My party is different, as I play the game a lot. So I'll give the parties I use most often, or for fun.
1) Fighter
Fighter
White Mage
Black Mage
2) Fighter
Red Mage
White Mage
Black Mage
One time, I went through the game with a party of Four White Mages. At EoFF, I saw a couple of friends of mine, Dr. Unne, and Collecter were doing it, so I gave it a shot.
I eventually beat it, but boy, the Ice Cave was hell.
Anyway, you mentioned something about Memoria in FF IX. My opinion for the best party would be:
Zidane, Vivi, Garnet, and Steiner.
Zidane - Forced
Vivi - Strong Black Magic, and hell, he's a Black Mage for heavens sake.
Garnet - White Mage for healing and summoning when she gets the chance. I liked Garnets character better then Eiko, but I suppose if you didn't get powerful summons, Eiko is the better choice.
Steiner - to work with Magic sword with Vivi, until you get Climbhazzard/Shock, which own at high levels.
That is my opinion.
I own, FF1 on the NES, FF2 on the Wonderswan Color (Plus the translated NES Rom), FF3 (Translated NES Rom), FF4 on the SNES under the name FF2 (poorly translated) and on the PSX, FF5 SNES Rom before I bought the PSX version, FF6 on the SNES as FF3 and on the PSX, FF7 on the PSX, FF8 on the PSX, FF9 on the PSX. I do not own FFX or a PS2, but I have played through the game, and it wasn't much to my likeing. Of course, this is just me bragging. ^^;