No, it's not. The EULA covers any sort of abuse. They can ban you for any reason they see fit, and you have no recourse, as long as the reason is not based on a protected class. And the EULA also states:
26.2. Termination. Your only remedy with respect to any dissatisfaction with any Daybreak Game(s) is to terminate your account. You may terminate any Daybreak Game subscription at any time, however, any subscription time already purchased will remain on your account until the end of your then-current billing cycle and will be nonrefundable. Daybreak reserves the right to suspend, restrict or terminate your access to or use of any Daybreak Game(s), at any time and for any reason, in its sole and absolute discretion. Upon any such termination, your right to use the Daybreak Games will immediately cease. You agree that any suspension, restriction or termination of your access to or use of any Daybreak Game(s) may be effected without prior notice and that we may immediately deactivate or delete any username and/or password used by or provided to you, and all access to your game accounts. You agree that we will not be liable to you or any third party for any suspension, restriction or termination of your access to any Daybreak Game(s) and we will not be required to make any of the Daybreak Game Assets associated with your account available to you after any such termination, suspension or restriction. All licenses that you grant under the Daybreak Terms of Services along with the terms and conditions of the following Sections shall survive the expiration or earlier termination of the Daybreak Terms of Service: Sections 9, 12, 16, 22, 23 and 26.
Bypassing the 'restrictions' in EverQuest via MacroQuest or otherwise is technically a violation of the Computer Fraud and Abuse Act (CFAA) . It's not enforceable, of course, as they would have to prove damages. Unless you're selling cheat programs as a public business, you're not going to be hit by that, though it holds up the 'local / state / federal laws' part of the EULA:
26.7. Severability. Each provision of the Daybreak Terms of Service shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of the Daybreak Terms of Service is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of these Terms of Service.
26.10. Miscellaneous. If any provision of the Daybreak Terms of Service are deemed to be unlawful, void or for any reason unenforceable, then that provision will be deemed severable from the Daybreak Terms of Service and will not affect the validity and enforceability of any remaining provisions. The Daybreak Terms of Service does not, and will not be construed to, create any partnership, joint venture, employer-employee, agency or franchisor-franchisee relationship between you and us. Any heading, caption or section title contained herein is inserted only as a matter of convenience, and in no way defines or explains any section or provision hereof. The Daybreak Terms of Service, together with all agreements and statements referred to herein and incorporated herein by reference, is the entire agreement between you and us relating to the subject matter hereof and, except as otherwise provided herein, supersedes any and all prior or contemporaneous written or oral agreements or understandings between you and us relating to such subject matter. Notices to you may be made by posting a notice (or a link to a notice) through any Daybreak Game(s), by email, or by regular mail, at our sole and absolute discretion. Without limitation, you agree that a printed version of the Daybreak Terms of Service and of any notice given in electronic form will be admissible in judicial or administrative proceedings based upon or relating to the Daybreak Terms of Service to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form. Nothing in the Daybreak Terms of Service, express or implied, is intended to or will confer on any person (other than the parties and their respective successors or permitted assigns) any rights, remedies, obligations or liabilities.
I can also tell you as someone who works in the industry that unless you're prohibiting access to Daybreak's service (ie; DDoS), or selling cheat programs or their 'intellectual property' on a public marketplace (ie; Redguides) or reselling the game for monetary gains on an emulator, you aren't even on their radar for legal action.
Though if you cheat on their service, you have no legal recourse if you were to file a suit against them. It would be a waste of your time and money, and theirs, too. When I worked in customer support of a non-Daybreak company, we'd have tons of people complaining to the BBB because we banned them for cheating... which does jack shit, because they still have to play the game using our service and no one actually cares about those ratings which aren't enforcing anything on us legally.
In one case, we had the FBI intervene with a person who sent bomb threats / SWAT teams to our community manager's house, repeatedly, and left threatening voicemails on their daughter's cellphone. Those are the kind of things that companies will go after.. even in emu land.
Rogean, EQEmulator & P99's main administrator was harassed by RyanTwin20 (aka RyanAndSean)
at his workplace and those galaxy brains streamed the harassment on Twitch. After, Rogean's company threatened legal action against the two goons and they backed off rather quickly once they had police at their hotel room. So I mean, harassment is generally a better way for a company to take action against you compared to casual MQ2 usage.
Using cheat programs will remove all recourse you have legally, though. And Daybreak
"reserves the right to suspend, restrict or terminate your access to or use of any Daybreak Game(s), at any time and for any reason, in its sole and absolute discretion."
In short, nothing I said except maybe religion or being gay is a protected class or not; I simply cited a political case as an extreme example to tell you that Daybreak and basically anyone in this industry can collect any information they need to target you and ban you for any reason they see fit.