here's something which will settle the debate.
http://www.youtube.com/watch?v=O0mi47GXHa4
extremely low level team. take into account ff8 allows you to junction max strength at low levels as you can gain magic without going into fights (cards-card mod-gf refine).
Sorry that its german. But you can see that omega's level 7, and that only amounts to about 100,000 hp, where at level 100 he has 1,161,000 hp - which takes about 8 renzokuken-lionhearts?
So really its just much easier if you stay low level as the monsters levels are always around your levels.
Interesting, thank you for posting the video. I thought you could beat Omega weapon at level 7. Well then, I guess I was correct after all. I knew that Omega Weapon's HP depended on your level.
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What's the point in fighting the strongest monster in the game at his lowest lvl? Where's the challenge in that? If you wanted to play the game with low lvl ok, but lvl up if you fight Omega :/