Thanks both of you.
The PVP is certainly something I'd like to have, but it's down far, far, far down the road. The engine was designed from the ground up with multiplayer in mind, but there are a few additional features for battle that I'd like to make sure are implemented properly before I start working on the design for the necessary network packets.
Video below contains the necessary menus I've implemented for the overworld: Data, Items and Party
http://www.youtube.com/watch?v=OfTQ9cVL_8kI was too lazy to remake the video with the updated party menu. This will be expanded later to allow equipment to be changed and to upgrade the character.

The necessary framework for equipment is mostly completed. Allowing weapons and armor to be equipped is currently missing. I need to figure out how I want them to affect damage and accuracy calculations.
WeaponsThere will be a few different classes of weapons, albeit there will be little functional difference between them as far as code goes. The equipped weapon will dictate the "attack" skill used. Weapons will scale based off different stats. I'm thinking about also implementing different kinds of physical damage: piercing, slashing and blunt. Armor could then have different resistances to them and other standard magical elements. Since they can be treated the same as your normal elements (fire, electric, ice), implementing them is simple. The below weapon classes can all be implemented using the exact same system with no real changes. There will be sub classes for the below as well for things like magic rods along with ranged weapons like bows, crossbows, wands, etc.
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Swords - baseline for damage. Scales off strength with dexterity as secondary. Normal "cross" targeting with a range of 1.
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Knives - Less damage than swords, but higher crit chance based on angle of attack. Scales off dexterity and will use speed in some wayl. Normal "cross" targeting with a range of 1.
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Spears - Less damage than swords, but higher accuracy. Scales off dexterity and strength. Normal "cross" targeting with a range of 2.
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Axes - More damage than swords, but less accuracy. Scales on strength. Normal "cross" targeting with a range of 1.
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Halberds - Similar damage to swords. Scales off strength and dexterity. Requires two hands. Targetting will be "L" shaped, hitting the primary hand side, corner and front.
Additionally, I find that I can make a lot of progress when I'm not letting myself get bogged down with art. As far as I can tell, below are the last few things that I consider to be required for the minimum feature set. I'm certain a few other things will come up though.
*Shops
*Character Progression
*Make equipment usable