It is a huge undertaking, devnoob and I personally have been reverting from a PEQ database because our original database was so old back from the early GuildWars days. We do this during/inbetween the servers we host (when people play on it) and this new rendition has been going on since about 2011. I am still fixing things to this day and some things can't be fixed sometimes without modifying the client.
A good example of 'client side' issues is the 'brown skeleton' model from classic -- you won't be able to get it working unless you do some impressive texture/model changes (or modify the client). Eg.
http://i54.tinypic.com/k21ogk.jpg. Some things really come down to nitpicking of how classic it needs to be.
How much work do you want to put into it and how much time you want to learn how to do new things because if you take on a responsibility of the eqemu server by yourself you inherit the responsibilities of the code base, database and the client.