FFVI HELPLINE (possible spoilers inside)

[Wolf]

You get many random items. I think you get a force armor, a safety bit, a pearl lance after defeating the dragon in one of the rooms, and the gem box at the top of the tower. The gem box, when equipped, lets you cast two magic spells in one turn.

Edit: The dragon is one of the eight dragons you need to get Crusader.

Edit again: To defeat the Magimaster cast berserk on him so he wont cast magic. From there, you can either spend a ton of time casting rasp and osmose on him to lower his mp so he won't cast ultima, or, if you have the Phoenix esper, you can cast life 3 on all of your characters before he uses Ultima when he dies and use vanish then x-zone / doom on him.