It sounds like it.
Honestly I'd have to start it up again to remember how far we were. We definitely hadn't picked up all the characters yet. We picked it up a little closer to its release. I saw the poster for it on the way out of Gamestop one day and it reminded me of the Bravely Default art so we went back to investigate. I'd just gotten Corey to play BD2 on the 3DS.
I remember gear being a big deal, and I upgraded it every time we got a chance. I was working on stealing some weapom from someone based on a guide, but I didn't actually have the requirements to steal from him.