Well, if you can get the minilogin.exe to work (which I can't... still...) then you could run a full system file backup of your EQ files and EQEMu files and MySQL files and just run everything on your own system... you wouldn't have to upgrade, and you wouldn't have your account wiped every time there is a new release, so you could level normally and not worry about it. On the down side... you wouldn't be able to paly with other peple on the same server because minilogin only supports one account at a time (as far as I know this is still the case anyway)... als, you wouldn't get new features and bug fixes that are released with the newest version. But you could do it.
But I was just thinking... you can backup your MySQL database information... which includes information for any accounts and any characters that have existed on YOUR computer (i.e. your server as listed in the worldname parameter of the loginserver.ini file)... So, I could be wrong but I don't see why it wouldn't be possible to backup your account and character info from your SQL database before you update EQEMu and then update the new database with the old information. Of course, this only works if your characters are on YOUR computer, in your database, and I assume you would have to use the same username and password when you signup again at
http://www.eqemu.net/login
Of course, all that could be simply the ramblings of an uncomprehending newbie.
Kyouchou