Security by obscurity isn't security at all. If someone wants to break into your software, they'll do it (and probably post the details online so others can do it too). The fact that EQEmu exists at all is proof that keeping your software closed won't protect it from being reverse-engineered.
This isn't to say that closed source is all bad, but there's a time and a place for it.
Ultimately the reasons given for keeping the eq classic source closed (showeq) are problems inherent with eq and can't exactly be solved by the server (the solution would could be like WoW's method of sending object updates). Personally, I don't think you would have anything to gain from keeping the eqc source closed.
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