It's not really feasible. The problem is that only the player software knows what hex values to apply to the DSP to realise any given EQ setting. The algorithm for calculating these values has never (to the best of my knowledge) been publically released. It isn't in the DSP reference manual. That manual refers to a DOS executable that is used to calculate the values. I don't know how the empeg guys implemented it within the player software, but I suspect that they were given further information under NDA.

Now I guess that you're wondering how the bass/treble works. Simply put, I cheated. I added debug code into the kernel and watched those hex values as I played with the EQ. I managed to discern which part was responsible for the dB parameter, and obtained the hex values corresponding to {-6, -5, ..., 3, 4, 5} dB and plugged them into my code. I then set the frequency and Q factor appropriately and obtained the rest of the values. I still have no idea what mathematical relationship exists between all those values.

A look up table works for the bass and treble. In fact it is probably more elegant than calculating the values - the table is very small and fast whereas the calculations would probably need to be floating point or, in kernel land on a non-floating-point-capable CPU, a fixed point approximation of floating point, ie computationally expensive.
However, a table is not appropriate for doing the whole EQ. Firstly, the table would need to be absolutely huge to describe every possible setting for a band. (~17000 frequency settings x 500 Q factors x 50 (?) gain values). It's not even going to fit into memory. I suppose that you could limit the potential values, ie making the EQ more discrete and less continuously variable, but the table would still be too big for anything remotely usable and the EQ would still be crippled. Secondly, you'd have to find some mug willing to sit in front of their empeg twisting the knob and entering all the hex values into a speadsheet, because you know that I'm not going to do that!

Changing bass and treble per track should be possible. It should be fairly trivial to add an ioctl to hijack to allow a userland to set them explicitly. This would allow emphatic (or any other userland tag-watching program) to set bass and treble parameters at will.