Unfortunately it seems like the MC will not be able to use Magic, just different weapon types. MP and Magic on him are unable to be increased by Stat Boosts, and do they affect his abilities. Same goes for Wulfrick. I would personally recommend investing into ~20 Speed and then dumping the rest of your points in Attack for the MC, because their playstyle revolves around using weapon skills. Daggers are OP for this since their skills ignore Defense. TP Boost on the first turn, then spam Stab.
As for the other party members, Lace, being the only magic user, should dump all his points into Magic. Wulfric on the other hand is more of a tank archetype, so I feel he works well with Attack and Defense.