I would suggest you use the version 2 (ID3v2) tags over v1. These support more 'free-format' meaning no length limits over the e.g. artists, title, etc.
The FAQ mentions mp3/Tag Studio (v2.16) as one of the most comprehensive tag editors (like tag-writing based on filename, mass tag set etc). When writing the v2 tag, it will also fill in the v1 tag-set (as far it fits).
Also nice to know:
In ID3v1 the choices of genres in genre tag are fixed, while in ID3v2 you can make your own genre-types. Can be more uisefull.

To answer your question too: Empeq extracts the ID3v2 tag info when available, else the ID3v1, and then stores them in the database.

Have fun,

Eize