Looking at this
start zone . 127.0.0.1 7995 127.0.0.1
start zone . 127.0.0.1 7996 127.0.0.1
start zone . 127.0.0.1 7997 127.0.0.1
start zone . 127.0.0.1 7998 127.0.0.1
start zone . 127.0.0.1 7999 127.0.0.1

you should be using minilogin which is unsupported



looking at this

LoginServer]
loginserver=eqlogin1.eqemu.net
loginserver2=eqlogin2.eqemu.net
loginport=5999
loginport2=5999
worldname=HOMEPC
worldaddress=localhost
locked=false
account=
password=


you are trying to connect to the EMU server without using your IP and that wont work.

looking at the issues you are having and the fact that 5.0 is UNSUPPORTED Its my opinion you need to just wait for 5.0 to be released because as stated all over the place its for Developers only.