So one thing I might question (playing devil's advocate here for a sec), if you're going to be giving a wizard a sword and armor, what's the difference between that and an elf? Besides infravision and the paralyzation / paralysis issue of course. Maybe adjusting the dice per class might be a suitable differentiator? Maybe I'm barking up the wrong tree too though...is it just flavor and who gives a toss about mechanics?
Mechanically, I think it's the infravision and paralysis (EDIT: And the hit points and fewer spells that Harley noted! Nothing wrong with being ninja'd by Harley.)
. Flavor-wise, not much is different. Elves are Wizards who can fight. I think the issue was whether DCC would continue with the mildly arbitrary limitations on what types of weapons a caster can wield. Personally, I like LotFP's handling of it -- a magic-user can use any type of armor or weapon but their casting is restricted when encumbered. That seems reasonable to me.
I suggested dropping the damage a character does down one die. To me, that seems like a good compromise between traditional ideas of class balance and allowing Gandalf to have a sword. Maybe dropping spellcasting dice down for heavy armor and such would work too. Don't know. Haven't got my hands on the game yet. Sounds like the crit charts kind of balance out the classes in terms of combat already. So none of that may be necessary.
Interestingly, I'm working on a sandbox/setting at the moment that won't feature Halflings, Dwarves or Elves. Trying to line up some art now, already about 2500 words in. It will offer options for re-skinning those classes into different (mostly) human races to fit the setting. The traditional triumvirate of demi-humans doesn't work for the genre. But it would be a shame to let a Fightery-Wizard, Thiefy-Lucky Guy and a Stout Warrior type go to waste. Because, while demi-humans don't fit in the setting, those archetypes do. And I think, arguably, the "Elf" class will be far cooler in this setting than in the typical vanilla fantasy setting -- even though it's just (mostly) human. But that's probably just me being biased.