Wow....I went searching on this, because I've been trying to be good about not looking at strategy guides and such until AFTER I've figured something out. I beat my first magic pot this morning (first one encountered...), and although it wasn't easy, the method I came up with is dead simple. Once you walk in on one, turn off all cure/esuna gambits. 2, set a gambit to place reverse on ally: any. 3, equip all 3 members with thief's cuffs. 4, steal until you get an elixir. 5, set Foe: 1000 Needles for your attack gambit. Now sit back and watch the show. If you have bubble belts, equip everyone with them so you don't have to cast bubble. I think my gambits on all 3 members went like this:
Ally: Any - Phoenix Down (for speed's sake)
Ally: Any - Reverse
Ally: Any - Haste
Self: MP < 10% - Charge
Foe: Lowest HP - 1000 Needles
Buffs
It takes a little longer than burning quickenings, but it becomes amusing to sit back and watch as the thing aimlessly tries to kill your party members, meanwhile needling it to death.

I'm surprised no on else mentioned this method, works fine.