I don't get why you guys don't just create your own custom version of EQ. That eliminates a shitload of the work by giving you character models and an entire world to work with. Have you ever played the first Zelda for NES? Remember when you beat it and then you have to beat it all over again and everything has changed and become harder. Well you can do the same sorta thing for EQ if you're just creative. You can create your own NPC's, your own lore, your own quests and your own nameds and custom designed loot tables across the board as well as new skills/spells for every class. Doing that is already going to be hard enough so I can't imagine how you're going to do that on top of creating a world and character models as well as tons of art files for armor/weapons etc.
Shards of Dalaya is a good example of something like this but it can be done better I think and if done well enough I bet you can get your names out there to big companies if they like your ideas