I haven't used Akkadius's repack..so, I'm not 100% on this.
http://wiki.eqemulator.org/p?Windows...Guide&frm=Main
If you want to run exclusively on one computer (with no external clients,) then using 127.0.0.1 will suffice.
If you want to still allow outside clients (wan) occasionally and/or have lan-based clients, then set it up on your lan ip address.
EDIT: You can even connect to two or more login servers..but, let's not get ahead of ourselves...