Epic Battle Fantasy only has hardcore game mode (no save, no continue, both your characters die you start over). You got two characters to control:
Matt - Knight style warrior Natalie - Mage capable of both offensive and defensive magiks
Matt is the only character that can actively restore MP without using consumables, using the "Devil's Sunrise" sword, that is highly effective. Matt also has better defense compared to Natalie unless you have "Soul Eater" equipped.
Natalie however is capable of absorbing enemy magic attack when defending. The more damage she took the more MP recovered. The Barrier spell actually decrease this efficiency because it shields some of them, but against high level bosses you MUST shield-up to survive anyway (and once a major boss is provoked you shouldn't have mana problem anymore). The basic attack of Natalie is totally worthless, if she run out of MP you would better let her defend or use your items.
Items
All items are consumables, there are only 5 items that are useful in my opinion:
Max Potion Max Ether Antidote Magic Potion Water of Life
Normal Ether can be good but you don't really need to settle for an inferior potion. When a Ether can be helpful, most of the time you have ways to recover MP rather safely and don't need to use it. I don't need to use it until final boss on Epic difficulty, and that was only because I was trying to kill the boss as fast as possible using only 3 Max Ether. If played carefully (and slowly), only antidotes are must-have for beating the final boss.
Water of Life is just in case, I've beat Epic without using one but it's better to be safe then sorry. Reviving a character also push you far behind during combat such that death of any character should be avoided by all costs.
Fighting and Boss Tips
As normal monsters shouldn't be that great of a deal at all I'd focus on boss fights only.
Matt: Sword of choice problem The "Soul Eater" may be good at easier difficulties, in Epic mode it becomes totally worthless. The elemental swords are quick to decimate a specific opponent once you identified their weakness, but are not needed. On hard mode, you need to "attack while healing" because the enemy attacks force you to heal constantly. Thats why the two swords you should ever use are:
Devil's Sunrise Rune Blade
I tried both against the final boss on Epic. Both are viable but you need Max Heath potions if Sunrise is used, while Rune Blade would requre Ether potions obviously. Sunrise recover MP easily by using the basic attack, you may switch between swords to recover MP if the enemies are not an immediate threat, but the stronger bosses won't let you have time to do so.
Skills:
It is important to have Barrier and Protect up when fighting major bosses. If your shields are down your heal can't catch-up.
Matt's "Power Metal" special is essential to do the "attack while healing". The enemy damage and curse trying to force you on the defensive? No problem. Have Matt use "Power Metal" and let Natalie deal with the problem or just blow off the enemy. The MP of Matt is cheap and reliable (due to the recovery sword), use this to your advantage. You may use Magic Potion on matt for better healing (and damage) if you want to dispatch a boss quickly.
Natalie also have a spell possess this quality: Judgement, but it can only heal herself. As you need to watch out for her MP (without MP, she is nearly helpless), if MP runs low keep defending until enough MP is restored. You may also use Ether potions, but you may want to use these only if you really need them.
Matt always has first action, as such having Matt killed is in fact worse then having Natalie down (though, if you don't have Water of Life and have Natalie killed, you are doomed). Matt can throw potions to Natalie that benefit Natalie instantly. If you have Natalie throw potion, you won't get the benefit until your next turn. Dispite this, throwing potions to Matt is still better done by Natalie.
Bosses:
NoLegs the cat This boss is easy. If provoked (less then 50% HP) it shoots using a big gun, you will find magic Barrier helpful.
Regirock: Regirock does heavy physical damage. It shoots a (magic) beam when provoked. Regirock is weak against magic attacks. Ice is very effective.
Regice: Regice does heavy magic damage. It also shoots a (magic) beam when provoked. Most of its attack are magic so you would want Natalie to cast Barrier and defend frequently for recovering MP. Regice is weak to physical attacks. If magic have to be used, better use fire. Ice attack will heal it.
When fighting Regirock and Regice team destroy the rock first, as keeping Regice in play is easier to recover MP for Natalie.
Beholder: Like NoLegs, this boss is weak. Weak against Ice.
Defender: This autogun has most of its attacks physical, but when provoked it will keep firing the main gun that does magic damage. Shield up you'll be fine.
Mecha: Not so different compared to defender. If provoked it will charge its beam cannon that shoots the next turn, which does extreme magic damage. You must defend and/or have Barrier max to survive one hit. Because of this, once provoked Natalie would have ample supply of MP just by defending the beam cannon.
Goku: As the final boss, this super saiyan zombie is extremely tricky having quite a few dangerous attacks: -A powerfull strike that damage and debuff one of your character. Try to make your shields back up as soon as possible, especially the Barrier. -A curse that does weak damage to both of your characters, but also Seal them all. Use Purify and antidote, if healing isn't needed this turn you can cure Matt first as Matt can always throw antidote at Natalie to free her right away -Unleash zombies from beneath the ground at you that cause a weak poison. Not an immediate danger, but when stacked it can inflict heavy damage. You will need to use Purify or antidote when it clearly becomes harm. -Garlic Gun. Enough said.
-Spirit Bomb is used when provoked. Like the beam cannon, except it is more powerful, plus Goku will make a physical attack the turn that Bomb lands. The defense to the Spirit Bomb is never let your turn end when you have less then 6800HP on any of your character (thats why you need the "attack while healing" skills), and always have a fairly fresh Barrier (which is a must anyway due to the Garlic Gun). If you cannot defend, the bomb could kill in one turn. If failure is the only option, let Natalie die instead of Matt such that Matt can use Water of Life and have Natalie heal all immediately after revival.
Once provoked, Natalie will have little problem keep casting Judgement and turn on the push. Actually the Spirit Bomb cause Goku to die faster. Judgement and seiken are highly effective against Goku.