You know, the advantages of using version 3 are enormous. For one thing, you have an actual World Map instead of a single, generic "area" that houses all of your monsters. You get an updated Triple Triad with some game modes that actually don't suck. You get custom weapons, dual wielding, and plenty of crazy spell effectors. You get combat skills and a very original stat system that allows players to have bizarre stats without destroying their account. You get TRIGGERS, for Pete's sake- you can actually do some "role playing" in RPG version 3 rather than just having a non-stop free for all.
And it does work. A good team of RPG mods can make virtually anything in the new RPG that you see in a classic FF game.