I'm in favor of changing the Steal formula to scale off of Dexterity & Luck, since Arrange Mode gives several levels to enemies, making it extremely difficult to snag their Steal Items (the Moth Slashers and SOLDIER 3rd Class are the most notable offenders of this, since most characters want the Carbon Bangle, and Cloud appreciates the Mythril Sword. Trying to Morph them is very dangerous in Arrange Mode, since they can and will kill the party very quickly).
If you tweak the game to let us switch Cloud out of the party as early as leaving Midgar, that would be wonderful, especially for those of us planning for parties that don't include Cloud. (My Arrange Mode party is gonna be Physical Attacker Aerith, Tifa Tank, and Red Mage)
Since I brought up Aerith, I wanna note that her Princess Guard is a bit of a downgrade from her other two choices for endgame weapons. The stat bonuses from the Fairy Tale and Wizard Staff alone are plenty strong enough to put them above the Princess Guard, but the Princess Guard also applying Shield on hit just drags it down ever further. Shield is kinda bad since it causes far more harm than help against non-elemental enemies (such as the WEAPONS) since Shield prevents healing via Full Cure or Aerith bopping the party again.
Also what is the special effect for Cait Sith's Ultimate Weapon? The ingame description for it is "? ? ? ?"
His Platinum Megaphone is also kinda bizarre. Only one Linked Slot Pair, with so many unlinked slots kinda makes it hard for him to make some fun Magic combos that, say, Yuffie can do with her Crystal Cross + Armor.
The White Megaphone being his only MP Healing Weapon seems kinda weird, since over half of Aerith's weapons are healing staffs. The White Megaphone only having 3 unlinked slots is also a notable drawback, since he can't do fun things such as Barrier=Added Effect + Slash All/Mega All, like Aerith can with her Healing Staffs.
The Starlight Megaphone seems kinda pointless since the Crystal Megaphone boosts Luck in addition to Vitality & Spirit (which more than makes up for the 15 point loss in both defensive stats, since Cait prefers boosts to his Luck) and has the same number of Materia Slots. Maybe change this (or the Crystal Megaphone) into another MP Restoring Megaphone?
EDIT:
I just noticed that Tifa has three Dex+30 weapons. Strange that her Dexterity weapons have the same Dex value, while Yuffie has properly "tiered" Dexterity weapons.
EDIT 2:
BTW Stardust Ray is pathetically bad. I pumped Red's Magic stat to 255, and Stardust Ray only did ~770 per hit (for a total of ~7,700 damage over 10 hits). Compared to Earth Rave doing about 3000 per hit and being able to crit for 6000+ (for a total damage range of between 15,000 - 30,000+ over 5 hits) when I pumped Red's Strength to 255. Please consider buffing Stardust Ray to at least be more comparable to Earth Rave, since Stardust Ray scaling off of Magic is supposed to be a big draw point for building Red as a Mage.