To answer the question, No, you don't need the latest expansion to use EQEmu. You obviously won't be able to go in the zones for the later expansions without the expansion.
A benefit is that all the expansions are available for download on the EQ Patcher - the one run when Everquest.exe is run, so you can get those anywho, and of course, with Emu, no need to register them. That saves you $30per expansion.
Lastly, I see your post was on the 13th. The patch on the 15th of December breaks EQEmu, so unless you were up to live pre-15th, then you're screwed until Emu is fixed - which can range from days to months. :(
Good luck!
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