Breath of Fire 3 Mage Ryu Run Part 2 - Balio & Sunder (2nd battle)
Second encounter with Balio and Sunder, and the first one that's "winnable".
Of course, you can't actually "win" this battle per se, and the best you can do is survive enough turns to force the unicorns to escape. This is still a lot better than having them kill you (which they can easily achieve on the first turn).
Mygas-trained Ryu isn't any worse than Ryu levelled without a master or with Bunyan in this battle. What Ryu loses in defence, he gains in intelligence doubly (in this game, intelligence affects both magic damage done and received). The unicorn will use Lightning magic on him more often than his kick, so intelligence may well be preferred than defence in this fight.
The only way to remain alive in this tricky fight is to use Influence on Balio, forcing Sunder to hit his ally every turn. Now only Balio is attacking Ryu, and it becomes very possible to just sit there, restoring HP with Healing Herbs (and in critical instances Vitamins too). Eventually, Nina will escape, and the troublemakers will follow.
This strategy will fail if Ryu is unable to use Influence before Sunder attacks him. For that reason, Ryu should take off some of his heavier equipment (alternatively, he could gain additional levels, but I didn't bother).
Though it's okay to win this battle for satisfaction, it's actually a bad idea from the point of view of effort-to-success relation. You have to waste quite many items staying alive, whereas the experience gained as a result is very unimpressive - a couple of random encounters give about as much, if not more.
But yeah, mage Ryu can survive this one.
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