If Golbez has that much HP, then he's absoutlely impossible with the version I am playing. I cannot even get 1,000 hp off of him, and this is with fighting with all my skill. He attacks twice per round, so no matter how often you use life, cure 2, etc, you will still due before you can get enough attacks in. He kills most members in the party in 1 hit, besides Cecil who can usually take 3 spells before he dies.
So, you should rename the 1.0 patch to FF2 HACK GOLBEZ DARK ENDING (just since he's unbeatable and the game ends there!)
I realized the problem with beating the dolls with Cecil in the back of the party, makes Golbez harder (as you need him in the front when facing Golbez to stand a chance, since all he does is cast spells....I had a theory that if you just waited it out and cured long enough he would run out of MP and then he would be possible. I wasnt able to get him to run out....but this might be the only way to beat him) so I will try again with Cecil in the front(and I'll attempt to get Golbez to run out of MP again)....problem is I was doing greart against the dolls with Cecil out front, and then Calbrenna Turned BACK into the dolls after I saw a message that said "hp ran out" and it was just an infinte battle from there, so I gave up.
This was kinda cool...but I am sure it's not possible. I guess 3.0 would be, but I wanted to playt he hardest version you had. I think if you ever tweak it to make it possible (but just barely) it would be great. If not, then it's still cool for the idea I had to keep it like this.
lol
Bottom line is (incase my post made no sense) Golbez is unbeatable unless you can get him to run out of MP, because all you can do is heal every turn and he STILL ends up killing you. This leaves absoutely NO time or chance to get many attacks in. I'd say he's still possible, but when I say that, I mean a 1 out of million chance....so nobody will ever beat him the way it is now, uneless he is able to run out of MP before he kills me.
There are a few ways of approaching Golbez in a low-level type game. Exposing his elemental weaknesses of Fire (common, especially if you have the Fire Sword, that you should have picked up @ the Tower of Zot) or Holy (you will have the Legend Sword accessible anyways, but it wouldn't be as strong).
Monsters in FF2 (or any of the FF4 ports, probably excludes FF4DS, but I wouldn't know) don't consume ANY MP for ANY spell they cast. Even the lowly Imp/Goblin could be told to cast Meteor and succeed regardless of its current MP (in their case, 0MP normally speaking).
Improving your chances of killing Golbez is if you obtain any Berserking items... and/or using the strongest possible equipment set to boost strength... which means using the Headband, Karate/Kenpogi Robe, and Strength Ring/Power Wrist or Zeus Gloves (though that's a rare drop with the Ogres).