Since we don't seem to be getting any new content these days, I figured I'd do something to amuse myself, so I made a guide on how to clear Elnath with all missions using a very budget team. No rainbows (except the free Lightning) and only one 3* TM (Sazh's) was used. Everything else was event equipment or free stuff like Moogle Plushie.
Video of the fight with explanations on how to handle various mechanics:
Team I used:
Lightning -- geared for Evasion, and she used the only non-free TM (fixed dice) to hit 100% evade
Sara -- for Retreat Command (gives AoE evasion to the team)
Garnet -- to fill the esper gauge
Timothy -- for breaking
Ashe -- for Thundaja stacking and meditate to buff magic
Victoria -- primary DPS with dualcasting Firaja and using Magical Awaken to setup for the final round OTK
Mystea -- geared for 100% wind and lightning resist, was also sacrificed for the final threshold
Bran -- physical dps for the melee arm and lightning resist buffer
Roselia -- mana regen for the team and also did some minor healing
The video has step by step guide, but for a general overview per phase:
Phase 1: 100-60% -- AoE dodge every round with Sara, use Lightning Resist if you need to reset his countdown with thunder magic. You should take zero damage and don't need a tank. Do the elemental mission then just work the boss down. Take this time to build up Firaja stacks to max and fill the esper gauge with Garnet.
Phase 2: 59-30% -- for the threshold attack, have Lightning taunt, Mystea cover, and Sara do AoE evade for the team. After the opening threshold there's no more AoE physical (until p3) so you can put away Sara. Keep taunt up with Lightning and cover up with Mystea (with lightning/wind immunity) and you should take almost no damage this phase. Kill the top (left) arm first so you can do the mission, then kill the bottom arm. When both arms die, work the boss down close to 30% but don't push him yet.
Phase 3: 29-0% -- before pushing the 30% threshold, use Magical Awakening on Victoria, then put her away next round to save that big nuke for the kill. Push the boss with Ashe, and make sure you have active Lightning's taunt, Mystea's cover, and Sara's aoe evade. All the flashy threshold nukes won't do anything except blow up Mystea. After the threshold stuff is over, bring in units to:
1) Dispel Elnath's buffs he put up during the threshold
2) Someone to imperil fire. I used Crazy Day, but any fire imperil is fine
3) Break the bosses spirit. I used Timothy LB for the big spirit break
4) Put up AoE reflect with Carbuncle summon (this is why Garnet built esper gauge in p1)
5) Target your own team and cast Victoria's magically awakened Firaja (not dualcast!), which will reflect 5x and should OTK the boss's last phase.
Collect loots.
If you don't have enough old event gear to make Mystea 100% wind and lightning resistant, you can just add a resist buffer for phase 2. Your healer will have plenty of free turns to cast it.