I forgot all about the word-mechanic system. I do think that Vanya has the right thought though to use the Open Item Menu and make several key items "words" the problem as it stands with that being is where to put these "words" and how to separate them from the main inventory (because both FFIV and FFII have terrible space restrictions.) The Key Items, for the most part can act automatically. Another problem comes with the Boat. In FFIV, there is a boat, yes. But to change that into a normal vehicle is no small feat, it appears to have been designed purely for the Leaving Fabul event. Granted Chillyfeez figured out a lot of the dealings with vehicles so he could probably make the boat work in a normal fashion
Not sure what you mean by Magic Lists there Vanya. Each character does have their own magic list, it's just a matter of assigning it to them, and those who don't use magic, have no list.
In FFIV there's 13 Magic Lists and in FFII there is ?Nine? playable characters. So that shouldn't be an issue. What might be an issue is the 24 Spell Slots in each spell set, which is admittedly the normal system of things as far as FF had gone at this point (3 spells for each level) and you would need to add a custom routine for spell books... (Granted that really might not be that important since it's meant to be in FFIV's combat system for the most part).
Now, Weapon Levels I could see being a bit tricky, as there is nothing like it in the normal FFIV...
There are several unused (As far as we're aware they're basically unused) bytes in each character's data, that might be able to contain this info. How it would be tracked though is a bit of a trouble spot.