Thanks for all the input.
I have decided to build the stable 6.3 version of LFS BLFS.
I chose Linux from Scratch as the distro for my server because it has no extra application overhead. You get only what you want (as far as packages go) and it seems to meet all the EQEmu requirements for downloading (SVN), building (GCC), and running (MySQL, Perl).
No bluetooth daemon, no KDE desktop, no CUPS spooler... simply a tight, efficient, stable, professional grade platform for hosting an EQ server. And as an added bonus you can manage it remotely!
Sorry... I think I lost sight of my direction and almost began a sales pitch for LFS
@trevius: I am making careful notes of my entire process. If it turns out as good as I am hoping it will, I plan to write up a complete guide for the community. It is a fair amount of work to get LFS installed, but it is a phenomenal learning experience and imho a perfect choice for hosting an EQEmu server.
-Codemephit
(P.S. If I fail miserably, you guys are not allowed to laugh!)