Windows cursors and icons have some differences, mainly the ability to have a set coordinate as the click point. If Microangelo only does icon libraries, then I suppose it wouldn't find the cursors.
You can use something like
Resource Hacker to extract all of the cursors and then you create a batch file to reimport the changed cursor files. Of course this will change the file's modified date and CRC so the patcher will attempt to overwrite it any chance it gets. Which is why you'd need to make a batch file to import the cursors instead of doing it manually every update.
I sort of have your problem as well... if I had any mouse cursors I actually wanted to use in EQ2, I might figure this out myself. On the other hand... you
are modifying the game's main EXE file. You might run into anti-hacking checks and get yourself banned for all I know.