Thanks to everyone for your input. Many of the factors mentioned, like Ila's character type advice (Knux = Monk, Tails = Chemist, etc.) have long since been taken into account. I will admit that I did not even think about having Tails combine parts, like Rikku's Overdrive Mix from FFX. BTW, Ila, I wasn't going to change the names of items like you suggested (I.E. Potion = ring) but it does sound like a good idea. Magic, of course, would be named after abilities from SA2, Sonic Riders, and my imagination since there aren't enough abilities in SA2 or Sonic Riders to satisfy one RPG. (I.E. Slow = Chaos Control, Death = Asura's Wish, etc)
In regards to RPG Maker 2003, it can't be illegal because I heard a rumor that Square Enix used it to create FF1 & 2 Advanced and FFIV Advanced. Then again, it WAS just a rumor. Unfortunately, I forgot where I heard it.
The reason I did not post a screenshot is because I lack the approprate sprites. I've been trying to find good custom sprites of Sonic and Co in RPG format, but, since I cannot locate any at the moment, I am just better off using Sonic Crackers sprites like in Sonic MADventure. Although I'd hate to copy someone's work like that, it seems like the only alternative. Once I do aquire the necessary sprites or decide to use Sonic Crackers sprites, I will post an image on page 1 of this thread.