there's nothing inherently wrong with that line-up, but:things work quite differently in 8 compared to 7. There is no such thing as multi-classing. The trick to change professions and get a few cheap levels and thereby hit points and Mana in another profession doesn't work in 8. If you change a lvl. 8 fighter into a Lord, he gets his next level as a lvl. 9 Lord, with the experience required for that lvl. 9, not like in 7 starting off at lvl. 1 again. Therefore it doesn't pay to change classes in 8 , especially to another spellbook. Turning an Alchimist into a Ninja, or a Ranger isn't such a bad idea, but your Samurai turned Ninja will still be getting very lowly Alchimist spells, while he could be getting advanced mage spells.
Your line-up as such sounds OK, but: if you want a Lord, start as a Lord, which I prefer. A Fighter does a lot of damage, especially berserking, but I still prefer the healing and buffing spells from a Lord. And then the Dracon has a problem, just like a Dwarf, or a Rawulf: they're DUMB, and therefore their skills rise very slowly, unless you put lots of points in Intelligence, which are better used elsewhere. A Lord up front, double wielding or (my secret tip), Mace and Shield, can take a lot of damage, and if you play a second or third time, I would advise you to install a mod (I prefer Flamestryke's one), and go for a Gnome Lord, he can find some pretty special stuff. And the ability of a Lord to wear and use all that cursed stuff that takes away points from your stamina or spell points, like a Ravens'Bill or Faust's Halberd or the Staff of Doom, is also impressive. I've seen -7 per turn being shrugged off, without any problems.
No problem with a fellpur Monk, except Psionic is the weakest spellbook, but hell, I use one, it's a matter of taste.
A Samurai is not my favourite class anyway, and turning him into a Ninja is not a good idea. Start as a Ranger, and find all the good stuff, or start as a Ninja, and THROW, preferably double handed, and see these criticals. Maybe later on, you'll want to change him into a Ranger, and get many criticals with a bow or Blunderbuss, especially if you're modding and find things to use to let your Bard or gadgetteer do the searching, so you do no longer need a searching Ranger from the start.
The Bishop is fine, though I prefer a more intellectual type, Mook, or Elf or Gnome. And funny enough, for almost every class, in Wizardry 8, the silly Hobbit is one of the best picks.
An Elven Ranger is fine, a Fairy Bard is unlike in 7 no problem, he/she (there are good reasons to make it a she!!) does get a Lute, so you do not need to start as a thief, and both a Bard and a gadgetteer can pick locks or pockets fine. But Fairies can use almost nothing, and I do not find the Cane of Corpus important enough to go Fairy. In the mods, it's slightly better, with soms exta items for Fairies, but I would advise an Elven, Hobbit or Mook Bard.
Two classes I would advise you to consider a bit more: Alchimists, your party is a bit light on the magic side, and in Wiz 8 the hybrids develop their magic skills very slowly. Or even better, a gadgetteer, who especially in the mods, but also in the unmodded game grows stronger and stronger as the game goes on. Especially in the mid and endgames a Gadgetteer is a sight to behold. The other questions are answered competently already, so do not waste your precious spell picks on Light or Stamina or Bless, which you'll find for free early on, but go for better spells like Acid or Fire Bomb, or Noxious Fumes or Whipping Rocks, anything mass destructive, OR spells which can be practised outside of battles, like Knock Knock, or Chameleon, or even better Missile Shield and Enchanted Blade or Armorplate, to make your skills rise quicker. But you can buy far more books in 8, than in 7 and money is almost no issue. HTH, and the main thing to remember is: (almost) anything works in 8, even a Lizardman Bishop can be fun, so first of all, ENJOy. Gr. from Holland, Wim Denie