According to Japanese Wikipedia, the 3DS version of Elminage Original has some superficial changes (they added custom portraits) and some significant balance changes. Maybe Brawlers won't be one man creator deity destroying machines.
3DS version of EO came out in December so this was a fairly quick localization. There was a PC version in January last year.
There's been some activity towards fan localizations of Elminage 2 and 3, as well as the Elminage Gothic's 3DS expansion.
Edit: Here's the JP Wiki's changelog for the 3DS version:
http://spoiler.sakura.ne.jp/srv/el1psp/DSE78988E3818BE38289E381AEE5A489E69BB4E782B9.html
I'll do a quick translation shortly.
Edit2:
System:
* Custom Portrait system added. (IIRC this was in the PSP version but was dummied out for the US release?)
* Balance changes: (Apparently the same as Elminage 2 for the PSP)
* * Summoned Monsters who are Lords who could use 法院保護区 (Forget what this is called, it's the Lord class special skill) no longer can. No more replacing Lords with just a high powered summon.
* * Dispel Evil (Cleric Ability) is now "globalized?," and you get XP for doing it now (previously, they gave no XP). Possibly Clerics now hit all rows with it instead of just the front row?
* * Ninjas now get "Alert" which is a passive that both prevents ambushes AND causes the Ninja to start battle hidden. Enemy Ninjas get this too.
* * Some change to Tarot Drawing for Bards -- 1% chance of them working in event / boss fights? (Nerf?)
* * The Maid's Tea skill will now fully restore Tarot uses, whereas before it would only restore a single use.
* Alchemy is not changed, although now you get +2% to status effects and defense per increase (previously 1%)
* Tiomente (? One of the Tier 7 mage spells) no longer prevents random battles.
* The game now keeps track of your characters renames?
* Some races had their names changed (not sure if this will affect the English version)
* * Hobbits were renamed Hortotto (Renamed due to copyright, same name they used in recent Wizardry games)
* * Mind Flayers were renamed Mind Trappers (Copyright again, heads changed from octopus to squid)
* The hidden bosses got some subtle buffs. (Holy crap, he was damn near impossible before)
* Something about taking a dead NPC to a doppelganger to get them added in the illustration book? Not sure.
* * "Doppel" is registered if you fight with a summoned monster.
* You can get married in the Forgotten Ground after beating the Dukes. (Bonus bosses, but not THE bonus boss)
Story:
* No change. No additional events.
Items:
* No new items
* Monster Stolen Items (Tentacles, "Strike," etc) now have graphics
Edit3:
Without any changes, the advice from the PSP version remains.
Thieves are great for stealing things, especially monster equips.
Brawlers are OP as hell, with huge damage + the ability to debuff enemy resistances.
Devilkin can equip cursed gear, including the monster equips... which are all brawler gear.
(Use a Devilkin Brawler, is what I'm saying.)
Summons are also pretty awesome, although I don't remember if turning Summons into party members is a thing in Elminage 1.
My party is probably going to look something like
Brawler, Samurai, Lord
Thief, Summoner, Bishop (although Summoner + Bishop will also know all magics due to class changes)
Although there's a lot of tossup there -- Valkyries are great, Maids are fun, Hunters are good, and Shamans are neato, and Ninja is also really good.
In the PSP version, the only way I beat the final bonus boss was my Brawler (or Ninja?) getting a lucky behead.
I may be tempted, I love that game's art.