Here are the strategies, levels and equipment.
Note 1: I did the Coliseum after the main quest and many side quests, so lots of Relics and Artifacts
Note 2: I did part 1 of the Peak of Heroes and chose the "Blessed State" reward - this makes Outer World and other quests so easy (atleast for Random, Sarah, Luciana and Coryool - no status ailments at all!)
Random - lvl 96
Bateleur (Artifact), KR28 Shield (Artifact), Bio-Tron Helmet, Laxius Armor (Artifact), Lady Birsina Bracelet (Relic)
Strategy: Rush

Sarah - lvl 71
Mantalis (Relic), Yveen Bracelet, Cat Mask, Vampire Noble Jacket (Relic), Shadow Cloak
Strategy: Circle of Mediation before the Arena
Lethal Dance, sometimes Summon Nymph (all) and then Attack
Has high evade, so doesn't get hit much (also has high PD so doesn't matter if she gets hit, still ...)
Luciana - lvl 74
Glass Rod of Sari, Mirror of Leganov, Wind Bandana, Armor of the Roots, Cathy-Cat Boots
Strategy: Dark Blast, St Christopher and Mega Freeze for the first scorpion
Has high enough PD that can take many hits, enough to figure out which spell to use - once you get the correct spell, 1 hit kill!
Coryool - lvl 70
Garo Fists, Ninja Madu, Skull Mask, Laxius Armor (Artifact), Artifoly
Strategy: Rush

Coryool is quite fast (~500 speed) and hits 3 times with good strength.
Lisa - lvl 58
Nirum Axe, Nirum Shield, Nirum Helmet, Nirum Armor, Nirum Boots
Strategy: Rush

One scorpion and Wendala took 2 rounds (Wendala because of high evade). But otherwise, they all died easily.
Guanidia - lvl 57
Verminator, Xabaldos Wings, Xabaldarus Mask, Bio-Globulus Melanine, Moonshade Orb
Strategy: Glue or Kamikaze on the bull, orc and Wendala, then attack.
Meltdown on the scorpions, then attack
Batabog - lvl 56
Grandiose Axe (Relic), Hero Shield (Relic), Stalker Bandana, Silver Plate Armor, Battle Ring
Strategy: Rush

Need the Stalker Bandana as Batabog has very low speed. 2 hits due to the Hero Shield and everyone dies.
Herasia - lvl 58
Fibre-Factory Claw (Artifact), Xabaldos Wings, Wyrm Hat, Cathy-Cat Fur, Manor's Favorite
Strategy: Multi-Hits
I made a mistake and tried LOL Cat and other skills with the scorpions. Nearly died before I figured out that Multi-Hits is all that is needed. Finished with 28 HP, but in one try!
Spark - lvl 63
Fire Touch, - , - , Fire Core, -
Strategy: Great Balls of Fire, Wild Fire for the scorpions (I think the second one can be done with Great Balls of Fire)
Again, wasted some HP trying other skills. Finished with 29 HP, in one try.
Baretta - lvl 53
Torkugol (Artifact), Atlas Bracelet (Relic), Palacia Hat (Artifact), Laxius Armor (Artifact), Lady Birsina Bracelet (Relic)
Strategy: Rush

This was easier than I though. With Counter-Hit and Counter-Spell, Baretta cleaned up the Arena without losing much HP.
This is it for all 10 characters. Now to do the team and other fights.