They tried in like pre-TSS - got a new human model on test which nobody liked.
Main problem is that there are so many races in EQ, plus male/female versions, plus all the animations and armor needed. EQ also used an animation model that wasn't in use in SoE anymore. In the end they had no staff to do it - which is why they contracted out the new model around 2005-2006 to a foreign company. After they spent the money and people didn't like it (also because it would replace both old and luclin models)....they had some minor alterations and it became the drakkin if I recall.
http://s154.photobucket.com/user/eqs...00001.jpg.html
Is from test on those models. At that point the idea was dropped and SoE probably never again had the income/playerbase to justify considering it.