I assume this probably won't ever happen, but I have to ask on the off chance.
Is anyone working on making an EQ2emu server that is basically EQ1 (classic)?
Probably isn't possible, but like I said, I had to ask.

Not a bad question at all. All I can say is nothing is impossible, but some of the things you have to consider is while these two games share a name and some lore, they are vastly different in every possible way. The mechanics, the zones, the flow of things - you could never mold EQ2 to have the same feel as a classic EQ1.
However, I think someone could build a "story" about their server and a philosophy of the concepts of the original EQ. But having a PoK or Planes zones with RZtW or Quarm, or even Chardok and epics - I seriously doubt it's possible to pull off seemlessly.
The good news is EQ2Emulator is so configurable and dynamic, anyone with a ton of time on their hands can make it into nearly anything they want... within EQ2 client limits.

Yah and there is always EQEmulator.net for those who want a strict EQ 1 emulator, it just isn't as configurable but it is more playable at least right now.