If anyone is still having issues with this and WinEQ, I know I did. I couldn't find my fix here, but what I did was:
Close out of EVERYTHING, WinEQ, MQ2, etc.
Pop open live patcher, patch to test.
In WinEQ settings for that install dir, do NOT select test server. That's throwing everything off. Keep it live. The patching to test is what will get you the correct info.
Then run both MQ2 and WinEQ as Admin, if necessary, and you should be good to go.
I couldn't wrap my head around why it wasn't working, but guessing it points at the test EXE, which is no longer needed.