I mapped the COM port (to 3). Had no problems, even though EQASCOM setup sometimes fails to detect it when you check. I was originally using a USB-to-Serial and PC Direct via the Handset, which often caused connection issues, but that all went away when I got an EQDirect cable and ditched the HC.
There is a setting in EQMOD that allows all of the audio feedback, and you can D/L a bunch of .wavs here:
http://sourceforge.net/projects/eq-mod/files/sounds/