Equip the indicated armor for best effect with the following characters.

Mario: Lazy Shell, Super Suit, Attack Scarf
Bowser: Drill Claw, Courage Shell, Amulet
Princess: Frying Pan, Lazy Shell, Jynx Belt
Geno: Star Gun, Work Pants, Safety Badge
Mallow: Sonic Cymbals, Legendary Pants, Safety Ring

Note: You can have either Princess (recommended) or Geno as your third person. If Geno is the third person, give him the Jynx Belt instead of giving it to the princess. Geno can either wear the Work Pants (recommended) or the Legendary Cape. The Work Pants will keep his attack up.

Another effective set-up is as follows:

Mario: Lazy Shell, Super Jacket, Attack Scarf
Mallow: Sonic Cymbals, Prince Pants, Safety Ring
Geno: Star Gun, Star Cape, Jinx Belt
Bowzer: Drill Claw, Heal Shell, Quartz Charm
Princess: Frying Pan, Lazy Shell, Rare Scarf

Note: Princess is not a fighter, and the Lazy Shell does not effect her magic abilities enough to make it useless. The Rare Scarf when combined with the Lazy Shell has most of the same effects as the Safety Ring.

Another effective set-up is as follows:

Mario: Lazy Shell, Doom Glove, Fireball
Mallow: Legendary Pants, Hurricane Helmet, Super Shield
Geno: Legendary Cape, Star Sword, Star Charm
Bowser: Courage Shell, Razor Talon, Quartz Charm
Toadstool: The usual
Wario: Super Jacket, Doom Glove, Triple-Team Charm
Luigi: Mega Suit, Doom Glove, Double-Team Charm