You do need the LEGO pieces to play the game, but just to beat it you only need the base characters. If you want 100% of all the gold bricks and minikits, etc., you'll need other characters, although the game is nice and will let you 'Hire-a-Hero' for a certain amount of studs and giving you temporary access to a character you don't have. Alternatively, you can just pick up a few characters with tons of abilities, like Marceline from Adventure Time, who effectively makes several other characters obsolete.
-------------------------