There's really no way you can harm your eqlive "data" (if you mean chars or accounts).. to keep from patching 10,000 times everytime you want to use EQEmu/eqlive, you should copy your entire EQ folder to another location (copy, not move).. I like keeping my EQEmu EverQuest folder in C:\EverQuest
As for the readme, the most updated readme can always be found at
http://eqemu.sourceforge.net/shawn31...ts/readme.html
I updated it regularly but for the most part, the steps are the same.