OK, here's what I've figured out on the targeting for multi-Life: I've search within the Spell/Item subroutine over and over, and it's not there. I believe that once you've set targets to "all" or "one", the code goes through a subroutine that eliminates the dead/inactive targets, then calls the Spell/Item subroutine. Asura's multi-revive works because it changes this information back to all targets. I'm not sure why there's a second targeting check within the Spell/Item subroutine . . . I'm sure there's a reason, but I don't know why.
Working on this theory, I set spells with the Life effect (0A) to reset targeting to all, before the second targeting check and after the spell data is loaded. This was successful in creating a multi-revive, but the targeting for the spell would always be "all", no matter who you selected. I also set only the spell Life1 to work this way, and it worked as well. So, you could create a single spell or item that would revive everyone, or let all revive spells/items work this way, but it would always target all allies.
That's as far as I'm going to go on this for now. I've already gone farther than I intended to in researching it -- I was able to replicate this behavior in summons a while ago, which is all I needed. All this work was so that I could create a Phoenix summon (no surprise there) for my hack. I need to get back to working on it (rather than obscure ASM data) if I intend to ever finish it. If someone else wants to pick up where I left off, I can give you my notes on the Spell/Item subroutine and give you the (rather large range of data) of where I think the first targeting check is.