Perfectly possible.
A lot of servers do it (including mine).
Use this list to know how to set expansions (in the variables table). This only affects FEATURES, not ZONES.
http://www.eqemulator.net/wiki/wikka...les#Expansions
To set which zones are available go into the Zones table and set minstatus to a value higher than 0. This will effectively close the zone to non-GM's.