So, I think one of the culprits is that current glitch in EQ that makes certain hues extremely bright and painful that you can turn off under option, display tab, advanced button, and de-clicking the Allow hw Vertex Shaders. NOW... when i did then and came back into game the next day, I experienced lag, wherein my other account that I did not do this was a-ok. Re-clicking it didn't do anything... NOT until I /q and came back in. When I did come back in, the lag was gone. I had then that evening unclicked again the shaders box, logged in this morning and was laggy. I verified that yes indeed, the sader box was unclicked, and again my second account had no lag (its box was still highlighted as on).

So I clicked it again, /q, logged back in and voila, no lag.

So... trying this may help your current issue.