If you keep all the same INI / Options settings for both accounts, you don't need to install a second copy, just run the first patcher, wait until you get past the patcher (login screen is good place, or waiting till all the way in), then start the 2nd patcher, or make an icon to skip the patcher, since you just did patch. And at the login screen, put the 2nd account user name and password in.
You can also, if need to have different INI / Options settings and also to keep the user name for each account up on the login screens, you can just make a new directory and copy all the files from the original directory, instead of having to re-install / re-patch everyting.
To make an shortcut to skip patching, just copy your normal icon to another, rename it, and edit it, so it points to patchme.exe instead of everquest.exe.
Also, this is after you have created a new account on the everquest web site.
Yther Ore.