I have been messing around with this some more and was able to fix my 3D target ring too.
I have only tested this with an NVIDIA card on Windows 7, no guarantees that it won't crash your client.
This is the new way that I edit the DLL:
EQGfx_Dx8.dll
Offset: 54AA8
Old Value: 75 18
New Value: 90 90
Offset: 31D5A
Old Value: 0F 84 70 01 00 00
New Value: 90 90 90 90 90 90
Offset: 4FBCB
Old Value: 0F 84 08 02 00 00
New Value: 90 90 90 90 90 90
If you already edited your DLL, you will probably need to change this offset back to normal:
Offset: 55C72
Value: 83 E0 C0
I recommend keeping a backup of the original file.
EDIT:
If you are wanting to know what this does exactly:
The first offset tells EverQuest your card does not support TnL which I believe forces everything to be rendered by the CPU to fix the graphics glitch.
In your dbg.txt, you should see something like 'Forcing No TnL' and 'Using Software Vertex processing'.
The second and third offsets skip past checks if TnL is enabled which seems to force the client to draw the 3D target ring.