At this point, I'm still wondering what my team should look like.
Normally, it looks like this:
Tank: WoL
Healer: Tilith or Refia
DPS: Elza, Lightning, Noctis
Ready Back Burner: Rain, Bartz, Ariana
Level Back Burner: Olive, Chizuru, Ling, Cloud of Darkness, Luka, Cecil, Exdeath
Other Back burner: Gilgamesh, Delita, Maxwell, BC Lid, Vaan
I'm thinking that Elza and Lightning are the weak links of my team right now, so once I get Olive leveled up, I have to decide who to replace. Lightning is nice for Crushing Blow/Thunderfall, but Elza's Ravaging Blow basically doubles damage when it's not resisted. That said, I should probably also put my Genji Glove on Noctis instead of Elza.
Elza is still a real winning character for my party for Arenas thanks to Lance, if nothing else.