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Currently playing through the old versions before I try a no found illusion and celebi run of v8 hard mode. Wanted to know if it would be wise to put stats into the characters magic for some added magic defense or just go all hp, work on doing all the encounters better, and just rely on the equipment for defensive stats?
Considering the most powerful attacks in the game (Crystal Stars, Riot Blade, and Xion in general) all deal physical damage, you'd do well to go all or almost all HP. The extra magic attack isn't needed to deal enough damage, and the magic defense is hit or miss.
Also, a no Celebi run? Good luck with that. 
Haha I know XD. Thanks for the tip.