Alright I think I've got the character configuration figured out.
Your normals are always the same (bullets and melee), but you get eight special slots, four for each direction combined with X+Y and A+B. You choose which move goes in each slot. The direction is relevant to which direction the move goes, so you'll want some moves in multiple slots to have different angles available for them.
Spellcards go in the same slots as your specials. The first time you use the spellcard command, you'll declare it, like in IaMP. Your life bar needs to be fully blue to do this. The next time you use the command while in declare mode, you'll fire the spellcard.
There are also a few system cards like bombs and such that you can stick in your special slots. It's all a decision of how many different moves you want vs how versatile you want those moves to be. Lots of considerations to be made.
Also, you can have four different "decks" per character, like in soku.
EDIT: Your configuration also does something to that triangle stat meter, though I have no idea what it means.
