Yes and no...
While you are right that you can do everything without your epic, the bard epic provides the coveted singing mod. This mod makes your songs marginally better than any non epic bard. Even in post classic eq, the bard 1.0 epic remained needed all the way through plane of time...making it one of the longer lasting epics (not longest, but longer than most).
The other benefit is the ability to melee AND get instrument mods on all spells without having to swap. Again, marginal in most raid situations because the bards primary role on classic raids are pulling, resists, mana, and grouping with main tank for ac/ds; not melee damage.
All in all I would call it a useful but not "needed" epic. For a raid bard it would prob be better to have all the best instruments than your epic. Song mod has no replacement though.
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