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I used to play this game on early PCs. Back then, my team was
2 Paladins + 2 Mages (Wizards). Paladins were almost like knights at the beginning and then helped with healing magic.
Later, I started playing with 1 Paladin and 3 Mages - it worked well.
But now I decided to try 4 mages. Exactly 4 mages. At first, you need to run around a lot and pay close attention to the situation. Honestly, I like it when my mages are in plate armor and with swords/axes. But the weapon isn't that important for them after level 5-10. Now, I don't complete all the exhausting and long quests - only the main storyline.
And I forgot to mention that at the beginning of the game, after buying bows, you need to go to the Arena and win as a Lord, shooting people, because after level 10-20, it will be a nightmare there.