What weapons did you guys give your characters??

[Lockduck]

I just beat Belias, and have outfitted my party in Rabanastre. It was a tough choice, and it could change later, but currently:

Vaan - Katana
Balthier - Spear (I wanted to do crossbow but ammo is such a pain)
Basch - 1H Sword
Ashe - 1H Sword (her and Basch swap gear)
Fran - Bow
Penelo - Pole

My 2 teams are Vaan, Baltheir, Basch & Ashe, Fran, Penelo. I switch them out regularly so they stay on par level wise. They also share armor. Is this wise? For example:
Vaan & Penelo share a light armor set
Fran & Balthier share a mage armor set
Ashe & Basch share a heavy armor set

Each has their own weapon, but is sharing armor wise? I have never come close to needing to swap out characters mid battle, but I would assume you could just unequip/equip mid battle if need be. Thoughts?