Yeah thinking about it a bit more, the licensing for EQEMU is basically moot, because I doubt they would ever want to take legal action against someone. This is because they would be profiting off of the Everquest IP basically. At that point whomever owns the Everquest IP would probably end up going after EQEMU in turn for illegally making money off of the Everquest IP.
Moral of the story is, don't worry about the legality of something like P99, because EQEMU is basically illegal to begin with lol. We are just lucky that the Everquest IP owners do not mind EQEMU existing.
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