You won't get banned for using VPN software like BattlePing, so I don't see why this would be an issue. Anything that interferes with the EQ client's memory space, such as MySEQ, MacroQuest, ShowEQ or other utilities that are designed and have scripts to target the EverQuest client are grounds for bans though.
Now, if you modify Fiddler to read EQ traffic, that's probably not the brightest idea and will get you banned. If you use a proxy to bypass the 2 boxing restriction, you'll be banned as well, so don't even try that.
As long as they don't directly interfere with the EQ socket connection, give unfair advantages in gameplay, modify or read memory, or intercept packets that are designated for and to the eq client, I think you should be just fine.
You have no excuse for not running VMWare if you are that paranoid though; it's free for personal use.
https://my.vmware.com/web/vmware/fre...are_player/6_0
Google TinyXP rev 9. Install ISO. Move EverQuest to freshly installed TinyXP. Enable virtualization of 3D graphics. Done.