I usually stick to designated teams.
If I do make an Edit Team, it'll usually have those listed characters in it:

'94 - [haven't played enough]

'95 - Ryuuko no Ken Team (Ryo Sakazaki, Robert Garcia, Takuma Sakazaki)

'96 - Boss Team (Mr. Big, Geese Howard, Wolfgang Krauser), Rival Team (Iori Yagami, Billy Kane, Eiji Kisaragi)

'97 - New Face Team (Chris, Yashiro Nanakase, Shermie), '97 Special Team (Blue Mary, Billy Kane, Ryuji Yamazaki)

'98 - Father Team (Takuma Sakazaki, Heidern, Saisyu Kusanagi), Yagami Team (Iori Yagami, Vice, Mature), Garou Densetsu Team (Terry Bogard, Andy Bogard, Joe Higashi), Orochi New Face Team (Chris, Yashiro Nanakase, Shermie)

'99 - Hero Team '99 (K', Maxima, Benimaru Nikaido, Shingo Yabuki), Garou Densetsu Team (Terry Bogard, Andy Bogard, Joe Higashi, Mai Shiranui), Women's Team (Blue Mary, King, Kasumi Todo, Li Xiangfei), Psycho Soldiers (Athena Asamiya, Sie Kensou, Chin Gentsai, Bao)

'00 - [haven't played]

'01 - N.E.S.T.S. (Kula, Foxy, K9999, Angel), Ikari Team (Heidern, Leona, Ralf Jones, Clark Steel)