All Characters & All Rings & Gems
Enter the following password.
To start with a full inventory, enter the password:
First of all, under no conditions should your party members STR or DEF numbers rise above 99. If they do so, the counter will reset, kind of like the millenium bug. As a result, your character will become remarkably weaker.
Also, it appears that you cannot defeat the Balrog at the end
of the game unless Gandalf is not a member of your party.
He just keeps coming back, otherwise
Start with Gimli and Sam
To start with two characters, enter all B's for a password and press START. The game will say it's an invalid password.
Now erase all the B's and press START again. You should start at the beginning of the game with Gimli and Sam.