Yep, you can take a party (including most of their items as well), from 1st to 3rd game.
It's great because you get +5 weapons in the first game, (long sword, halberd, daggers), the best you get later is only +4. Actually, you get a +5 two handed holy sword in the 3rd, but it's so near the end it doesn't matter.
Also I don't know if anyone else knows, but in the 2nd EOB, there is a particular room in the azure tower that has a switch that releases a LOT of those big demon bear things (I can't be bothered getting my book right now to check). After killing them you can reset the switch and do it again. Just keep going until your characters have the experience needed to gain ~20 level as per the tables in the EOB3 manual, and when you import them over to EOB3, just kill a few of the grave mists for pretty much instant level up's, and you practically begin the game as ~20th level (max level).
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