Here are some ideas to make the game more challenging,
- Remove multi-questing.
- Remove trading.
- Remove floor transfers.
- Remove racial perks.
- Remove lowbie buffing/ports.
- Remove pre-nerf loot.
- Remove Bard swarming.
- Remove fungi tunic.
- Remove level 1 weapon procs.
- Remove epic weapons.
- Remove Torpor spell.
- Remove SoW.
- Remove Clarity.
- Remove Lich.
- Remove Cannibalize.
- Remove instant invis items.
- Make charm more unreliable.
- Increase mana cost of spells.
- Increase mob damage.
- Increase mob health.
- Make mobs smart instead of dumb.
- Increase faction requirements.
- Hardcore mode only.
I'm not sure how you can fix EQ being an evironment in which you waste your life working for nothing of value.