Is there anything from a legal standpoint that I would need to worry about if I wanted to host an eternal masters booster draft or two? Would I need some gaming license or agreement with wizards of the coast to do so? I just have a generic badge, what would I need to do to ensure there's no issue with me trying to setup some drafts?
I'd like to not get sued or anything, but would really love to draft this awesome set; I assume there would be a ton of interest from other magic players. Deeply puzzling that pastimes does not appear to be hosting any of these drafts.
You're not going to be able to host an WoTC sanctioned event without... WoTC sanction. Of course Derek can't help you with that - you can google Magic Organized Play yourself to figure out what's involved.
You can host a casual non-sanctioned event (i.e. no official judging, no DCI numbers, etc.) - people do it every year at Gen Con (see, for example, the Pauper tournament).
You can't collect money from people to participate in your events at Gen Con other than via ticket price (which Gen Con takes a cut of). The event hosting guide spells it out.
You could also try to host some magic events where people have to bring their own product.
Broadly, I doubt you are going to be able to fill a table with Eternal Masters drafters for your home-brew draft due to the high expense associated with such an event - it's asking a lot for someone to pay $30+ for a ticket to a draft with 7 strangers that isn't DCI sanctioned and has no judges, timekeeping, etc.
It also seems like asking for trouble - as you only get reimbursed for tickets you return to GenCon that are handed in at your event, so if 8 people sign up, and 5 show to your tournament, you're not going to be able to collect the funds for the 3 other tickets, and you'll be left holding the bag with 3 draft pools worth of Eternal Maters. Also, you're probably going to have 5 po-ed people because they signed up for an 8 person draft, not a 5 person draft.
Of course - if you're willing to provide the product for free/cheap you should have no problems (other than all the problems you'd have running a tournament - e.g. are you sure you know how to do pairings, how to do tie breakers, how to handle drops, how to handle rules disputes and cheating, etc.).