You can either install a 'loopback' driver for that address - which will need to be removed before connecting back to your router..
..or, you can simply make copies of your eqemu_config.json and login.ini files and switch between lan and localhost configs.
For your localhost config settings, just change everything to 127.0.0.1 and the 'network' setting in login.ini to
Code:
local_network = 127.0.0.
That should be the easiest to maintain.