I read a lot of walkthrough tips. Most recommend a Necromancer and Dragons.
Personally, I don't think this is the ideal party.
If I were to play, I'd choose a Dark Elf or a Necromancer. It's better to choose a Necromancer, as you can later recruit Kaury, who is level 50. She has Bows and Traps as her main skills, so there's no need to level up your own Elf. Although I like Dark Elves, I still think the ideal team is: Necromancer, Cleric, Dark Elf, Vampire (cast Levitation, so you can safely walk on lava in the Inferno Castle), Dragon, or Knight.