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I recomend this set up
Ultima weapon, Forth Bracelet, ribbon
And don't forget to drop the "all" materia on any magic you will be casting on yourself.
Also I don't remember if this is true or not but I think if you go in with Cloud's limit meter full it will be full every time you select to use GP and enter the battles. Anyone else know if this is true or not. I'm not saying you can use it on all 8 battles, (even with mime I think you mime the commands the reels do) but I'm almost certain you can keep your limit break somehow.
Yeah I seem to remember doing that, so you can use your limit early doors to get rid of a nasty monster, and then build it back up to the final battle. I'm sure it will start with whatever the meter was at when you turn up to the battle areana, as it resets itself when you finish the battles.