Their FAQ says this:
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Races and Classes: Any character you created before February 29th 2012 will be playable regardless of race or class. New characters that you create will be limited to the four available races and four available classes unless you purchase access to another race or class or upgrade to gold.
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That is in reference to going from Gold to Silver.
Earlier on it says this:
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Previous EverQuest subscribers who did not have an active subscription at the time of the free-to-play conversion will automatically be converted to the Silver membership.
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It is not clear if we can add 1 + 1 here to arrive at a conclusion, but there is your hope.