Few Tips
I'm not going to review this. I'm just going to give suggestions.
Some more weapon choices we could have could be Bare Hands, Magic Fire (in a circle around you) and Magic Ice (in one straight direction). Those would allow me to have more feel for what I want.
A story mode would be nice so that I can go around and try to stop some evil organization or something. Mabey, some objectives would be nice like: Defeat all the bad guys while protecting the girl. The girl could have a set amount of HP and the two people playing would have to protect her as an objective while bashing a set number of foes.
One Player Mode? Just because it is multiplayer it dosen't mean there'll alway be two players. Can you make one player mode also?