I like Bell's description of the relative strengths of each element. But it's also true that you should work around the draws you get: that Light team with 2 SSRs is likely going to have more potential than a Water team built from scratch.

When I have the time, I'll probably add a section describing what to look for in a balanced team: healing, debuffs (aim for at least -30% ATK and DEF down), and sufficient attack skills to reduce the Rage meter quickly. If you have these, any element will work. Building a balanced team is more difficult (i.e., requiring specific hard-to-obtain kamihime) with some elements than others, but it's still generally possible.