You don't need to (and shouldn't) save MIP maps. It doesn't affect the alpha channel and it isn't used by EQ2, it just makes the file larger. Visibility on the alpha channel also doesn't matter, I've saved from RGB visible, A visible, and both visible and it works fine any-which way (the ARGB8 I posted above was saved with only RGB visible, for instance.) Alpha channel checkbox, now that's important.
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