LP_REGION is only use if you install EQ2 using another language then what the install is for. So if you installed the English version and later on you wanted to play with Japanese language you would wind up with LP_REGION_JP_JP basically another copy EverQuest2 in that directory but for the Japanese language.
Granted I could be wrong, but from the PM's I've got from people that I have inquired about the LP_REGION_XX_XX that is how I've come to understand how it works.
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