A few notes on the Lich and Milda fight.
Milda does block paralysis through either a store bought Talisman (block everything 100%) or Paralysis Charm, and could get 40% resistence with a Scarab. (also store bought)
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'Milda Hit' does 228% of average damage and 91% of the Kill point alone, and her physical is 30% KP damage. Both a Milda Hit and a physical does 121%, with a second physical at around 151% of the KP! *Remember, this is Middle we're talking about..* Lich may have goodish defence, but his HP and overall durability isn't that great, and he goes down rather quickly. I'm not seeing where all this Lich durability hype is coming from.
On the other side. Milda has great HP, the highest (147% average) during her time in the party and 2nd highest overall. Besting even the end game PCs. (118% average) With ok, to good defence, depending on her equipment.
Lich is going to have some problems (having no status help) taking on Milda with only 3HKO (Ice 2) damage. Especially given what the best store bought equipment available at the time are. More specifically, 70% ice resistence gained from the Moonlight Shield (20%) and Mink Coat (50%). With that, Lich goes from 3HKO to 4HKO damage against average HP.
If you feel that she has any reason to worry about physicals, she could always go for the Aura Armor (+35 (+10 over MC) defense, +1 (10%?) skill power level) and still hold on to a 20% ice resistence. If you don't hold her to period specific equipment, she could opt for a Devil's Robe (+32 (+7 over MC) defense, +20% all magic resistance). As well as a few other things.
When you take HP into account, Lich's damage falls off to 5HKO. A speed advantage isn't enough to overcome that.