Thats what I thought, so I setup the following information.
(It's all LAN Based so I don't care about UID's and passwords.

)
EQEmu Admin 4.5 Reports
Accounts Tab
id 1
name eqemu
charname Mord
packencrypt (BLOB)
password eqemu
status 200
lsaccount_id
gmspeed 0
id 2
name wj
charname
packencrypt (BLOB)
password wj
status 200
lsaccount_id
gmspeed 0
--
Ok, and now my miniloginaccounts.ini reads
192.168.123.2 eqemu eqemu
192.168.123.4 wj wj
--
The eqemu account works fine but the wj account always kicks back a 1007 error while attempting to join the server and on the world console it says that the incorrect password was specified for account wj.
I'm completely out of ideas. :P