Cheating in Ultima V

Ultima V has fewer cheats than the later Ultimas.

Maxing Stats
When you die, you lose 50 exp.

So get your characters to around 220 experience, camp until Lord British appears to set everyone's level to 3 and then die. You will go back to level 2 but you will NOT lose the stats (INT/STR/DEX). Repeat the process until you reach 30-30-30.

The results are amazing: your party will be overwhelming. I think DEX is the most important attribute, as you will get to take several turns before your opponents move and also you will never miss an attack.

More Reagents
In the C64 version, if you have between 11 and 15 of some reagents, then mix a spell using only those reagents, and mix 16 of the spell. You should get 16 of the spell you mixed and 90+ of the reagents.