I had an eqemu server on windows 7 and it was working perfectly as long as I played alone ...... There was too much quirkiness and network /lan/wan connections was not stable ....So I decided to rebuild with a VM xp sp3 and now it works flawlessly
I don't know if you will play alone or with web friends.... and it's my personnal experience and point of view ..... Maybe the next answer from the eqemu community will be to tell you that eqemu server with 7 is perfect...