My 2 cents;
First, I was getting the same [UPDATE TO 5.4.8] error you are when I first tried out the Emucoach Pandaria repack. From what I've found with my own attempts, there's a lot of 'hacked' clients floating around that are actually 5.4.7 but think they are 5.4.8. It seems a common practice is to get a 5.4.7 client (more readily available) and try to patch it up to 5.4.8 yourself, but that just seems to lead to updating the listed version number without actually editing the actual contents of the datastore. My advice there is to keep searching around for other clients and hope to find one that is actually legitimate - I would link the one I got here, but I can't actually recall where it is I got it from. (Probably a torrent?)
The second point you brought up; "[network] startnetwork failed to bind socket acceptor" seems, from my experience, to be caused by trying to have multiple applications running on your computer at the same time that are also trying to use the same resources. (Not HDD, ram, CPU, etc. - but things like port binding and taking exclusive write access of a particular directory.) This can happen if you try to, say, run two instances of SQL at the same time, or have multiple worldserver / authserver instances running without re-binding ports and changing absolute paths to files/folders that need to be written to. This can also happen if an application hasn't closed properly - the window might disappear, but it will still be running as a background process (check task manager). You might, at that point, also want to check services.msc to see if an instance of mySQL is already running before you try to launch it (if it is, then it's probably for the wrong re-pack version).
