Are you using the minilogin.exe? If so, then this setup doesnt really support that ..... yet.
If your trying to setup a server to work thru the eqemu login servers then your going to need to change that localhost to your real ip address.
So grab your ip and re-run the program. Fill everything out like you did before. Once your at the
"EQEMu Server" section, where it says
"Server IP", enter your real IP. Not 127.0.01 or localhost.