Final Fantasy VI: The Eternal Crystals

So I'm about done with this hack... Started off slow, but really picked up in the WoR. Kaiser dragon murdered my crew a few times, but I figured out that I could consistently damage him hard enough that he would endlessly cycle through barrier change and mighty guard.
My only complaint so far is pretty minor... If one has access to Excalibur II... what's the point of the paladin sword you pick up in the fanatics tower? I think the stats vary slightly... but i can't double check as I traded the paladin sword in for something not as good.

Also... has anyone here figured out what the Ultima ring does?

Teaches Ultima, at 1% or 2% if I am not mistaken.