[Scatty]

Yoga, you should import a Rod of Sprites which you can buy from some final vendor in Wizardry 6. Supposedly you can equip two of them on a Faerie character, and importing both (read about it somewhere). It's a quite strong weapon, and one you can otherwise get only much later in Crusaders of the Dark Savant.

Here's a direct quote from this link about what can be imported into Wizardry VII and what not (scroll a bit down there, it's almost at the bottom, under Cheats/Tricks/Tips):

Q: What are the rules on how characters transfer from Bane to Guardia

A:

1. A number of items transfer always, and automatically. They are:
   Non-magical weaponry and armor,
   Ring of Stars,
   Diamond Ring,
   Cameo Locket,
   Amulet of life,
   PK crystal,
   Silver Cross,
   Ankhs of Life,
   Poet's lute,
   Angels' Tongue,
   Potions,
   Sparkle stix, Icicle stix, and their ilk,
   Rod of Sprites.
2. A number of items will never transfer. They are:
   Ankhs (other than Ankh of Life),
   most amulets,
   Musical instruments (other than those listed above.),
   Books.
3. Then there are the powerful magic items -- the super weapons and armor you typically pick up on the Isle of the Dead. Each
   character gets to bring ONE of these across (sometimes a character may get two items). If a character "equips" one and only one
   item, that will be the one he/she/it gets to bring into DS. Thus, to choose which "special" item your party gets to import, simply equip
   only one of these special items per character.
4. (4) Starting Gold depends on your Bane-ending/DS-beginning. The possibilities are:
   1. take the Forge and start near the Dane tower: 5,000 gp;
   2. fly with Bela and start near Ukpyr: 10,000 gp;
   3. fly with the Savant and start near Nyctalinth: 0 gp;
   4. take none of the Bane endings and fly with Altheides, and you start in the same place as a beginning DS party with 0 gp.
5. In addition to items your party transfers from Bane, they may "pick up" some basic equipment on their trip -- this is almost always a weapon that the character would start with if he/she/it were a beginning DS character, so a fighter may pick up a long sword, a bard may pick up a sling and bullets, a samurai may pick up a katana. You also pick up a Journey map kit.
6. Characters lose a bit in class levels, hit points, skill points, spells, spell points, and even attribute points, depending upon the character's level at the time of transfer:
   • Class Level: No character starts DS above 5th level, no matter how high a level he/she/it achieved in Bane. If the character changed classes shortly before transferring to DS and is only 1st, 2nd, 3rd, or 4th level in the new class at the time of transfer, the character starts DS as a 1st, 2nd, 3rd, or 4th level character, respectively. If the character was 5th level or higher at the time of transfer, that character starts DS as a 5th level character. Starting hit points, skill points, and spell points all are linked to the character's starting level. Starting spells and skills do not appear to be linked to the character's starting level.
   • Attribute Points: At lower levels, characters do not tend to lose any attribute points in the transition to DS. If, however, the character was a world-beating superstar (e.g., 20th+ level, with all 18s (or close to it)), he/she/it WILL lose attribute points in the transfer, even losing points from karma.
   • Hit Points: Starting hit points are NOT based on starting class, they are based exclusively on starting character level. First level characters tend to have 8-16 hit points, while 5th level characters tend to have around 40. The other levels are in between.
   • Skills and Skill Points: Characters do not lose skills when they transfer, but they may lose skill points. As long as a character has at least one point in a skill at the end of Bane, he/she/it will have at least one point in that skill after transferring, even if the character is now a member of a class that otherwise does not have access to that skill. Skill points, however, depend upon two factors. First, a character will never start DS with a skill at a higher level than it was is Bane. With that limitation, starting skill level is directly related to starting character level. First level characters will have 1-3 skill points in each skill, while 5th level characters will have around 40 skill points in each skill. The other levels are in between.
   • (e) Spells and Spell Points: Characters lose a lot of both of these. Spells retained are random, they do NOT appear to be related to the character's starting level. A character will retain most 1st level spells, many 2nd level spells, and some 3rd level spells. No spells above 3rd level are retained. Spell points ARE related to the character's starting level. First level characters have around 10 spell points in each category (provided they had at least that many spell points in the same category prior to transferring), while 5th level characters have around 40. The other levels are in between. (Sensing a pattern, here?)

spoiler

That's the most extensive info I found on it so far. So be sure to import those Diamond Rings and Rods of Sprites like crazy if you can get many. You can need all of them.