There are some limitations. First, only the following clients are compatible with EQEmu:
http://www.eqemulator.net/wiki/wikka...ClientVersions
You can use the database from PEQ or AX Classic and set your variables table field for the allowed expansions you want to enable. Even then, to make a true classic server, you will most likely need to make your own manual changes to your database to make everything the way you might expect it to be. Most of the work should already be done for you in the existing databases, but some things may be enabled from later expansions that you may want to disable. That is all up to you though.