You need the shortcut to point to EQGame.exe, not EverQuest.exe. Maybe you're just running the wrong one since there looks like an eqgame one also on your desktop.
http://www.eqemulator.org/wiki/wikka...akka=PlayGuide
You will be much happier if you don't have the game under the Program Files directory. I'd move it elsewhere, like C:\EQ or something like that.
It's also possible that if you did actually manage to patch anything that you'll need to reinstall.