It is the Rage card that is your problem. I have one, too, and can't see any textures. You need to get a new video card, preferably a Radeon in the 9500-9800 range so you get the added benefit of being able to use Quartz Extreme and Core Image. If you don't have an AGP slot, then a Radeon 7000-9200 PCI with 32 or more megs of RAM (32 megs is the minimum for EQMac, more is better and higher numbered chipsets are also better).
Be sure you get a Mac Edition card or one that has been flashed with a Mac ROM.
Snuffy,
I have tried turning everything off (low rez textures, 640x480, social animations off, lighting redraw off, all Luclin models off, and anything else that consumes memory) on my G4 Powermac and there still isn't enough memory to view the textures with a 16mb Rage card.