I use perl 5.8 and compile and run my server just fine using this version.  Directions:
- Download your perl 5.8 and install it.
 
- Navigate to your CORE folder of perl (default: c:\perl\lib\CORE).
 
- Find perl58.lib.
 
- Make a copy of this file (so you now have perl58.lib and copy of perl58.lib).
 
- Rename the copy perl510.lib.
 
- Compile.
 
- Run eqemu with your new compile.
 
This should work for you.  I don't see anything specific that would make this not work.  Post if you have a problem.