I just finished your FF7 New Threat mod and LOVED it. I can't describe how excited I am about FF8 getting the same treatment.
I'm really curious to see / hear what you're doing about balancing junctioning and card mod since they are both obviously super over powered. Also, please change how drawing functions. As much as I love FF8, there is nothing more boring than staying in a fight I don't like drawing for like an hour just to get 300 of a spell that I then cannot use because it will lower my stats.
Someone else already mentioned making junctioning weighted towards the lower end of the spectrum (i.e. getting like 60% of the benefit at 20 spells). I think thats an awesome idea. May I also suggest having the benefit top out at 60, leaving people with up to 40 instances of the spell to use for free before it starts affecting your character a little bit.
Story wise, I don't have a suggestion as much as a request. Any chance you can make it "cannon" that Ultimicia is Rinoa in the future because Squall dies at the end leaving her alone in a world torn apart by time compression? (Its my favourite interpretation of the game).