I think most people either use Gentoo, Fedora, or Debian for EQEmu and they all work well from what I hear. I run on Debian and it does very well and is relatively easy to learn and manage. Also, Debian probably has the most complete wiki guide for it out of the different distros, so that might be a good one to start on for someone new to it. The wiki page for it could use some updates to be fully accurate again, but most of the info there should still be valid or at least useful to get up and running. Here is the link:
http://www.eqemulator.net/wiki/wikka...ianLinuxServer