One last shot
I don't know if this helps but my friend tried logging in one of his accounts, and it said "This login requires a valid EverQuest subscription. Please make sure you have signed up for this via billing option" (He uses the same user/pass for his old live account as EQEMU)
This means that even though the eqhost is set to connect to the emulator it still is connecting to Sony. Don't know if this shines the light on anything or not.