My work-around
I set-up a second directory for EQ to run emu from, as I still play Live occasionally. I had the same problem in my second directory. But I found I could see textures fine in Live from the new directory. I had originally started playing with emu in my first Live directory, and I could see textures in emu. So, I went back to using my original, ex-live directory for emu (and could see textures) and started using my new, second directory for Live (and could see textures). I'm not sure WHY, but that's how it's working on my machine.
Aaron
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