It SHOULD give you incorrect client version. EMU or Live loader, should still do fine with login, with both versions.
The way to find out would be (you can swap this order, I am going to show live then emu, but you could try emu then live):
1) Start mmoloader for live
2) Get your EQ session(s) running
3) Start mmoloader for emu (don't exit live loader)
4) There should be a popup, saying it's already running, do you want to kill it. Click yes.
5) It should kill live loader and finish loading emu loader
6) Verify in live, that you are still logged in (/mmostatus)
7) Assuming all that works, you should now be able to start emu EQ session(s), and it would inject
I will try to move along the new loader. Various things over the past few months have caused large delays for me. With v4 of the loader, it will inject whatever version from 1 loader, that it detects, so you can run live & emu at the same time without any further work.
htw