See my post on this issue here:
http://www.eqemulator.net/forums/showthread.php?t=24339
It describes the problem, the cause, and a solution. I may not be 100% sure on the cause, and the solution certainly isn't the perfect way to deal with it, but it is a quick easy fix that does the job.
This is something that I think ALL servers will be seeing until the devs do something about the debugging. You could always turn it off yourself and recompile, but that will still leave you with an abundance of log files. Personally, I would love to see the debugs reworked so that they aren't so insanely overwhelming. Do we really need to check 20 times which client version the client is running? It is either titanium or it isn't. I think debugs are great when you need them, but there should be an easier way to turn them on or off other than having to manually edit the source files and recompile each time.
Hunter, feel free to message me on my forums or yours if you have issues. I am always willing to lend a hand if I can.