It has been a while since sitting EQEs but am now helping with some UK exams and the key point that keeps cming back it being fit to practice. That means being able to clearly advise clients and helping them to understand and mitigate risk in a cost effective way.
Multiple choice questions might work to settle nerves but if written well will depend a lot on interprepation and don't really tests the candidates own ability to answer the question.
I believe that having a formal mentor / tutor who signs of on practice time is a good thing to maintain.
Re teh time taken to answer the papers, it makes to make them shorter re screen time but should then not just be a race again time to not unduly disadvantage those working in 2nd or 3rd languages.
re the worry about cheating - would it not be possible to arrange for exam centers in each country where candidates could go to sit the online exam ?