I am also keen on getting my old EQ3 up and running again, I have about 8. I looked at the website you linked, firstly I think that he didnt use ESPHOME at all he only used and ESP and connected to it some other way. That being said looking at his diagram he basically connects to 2 GPIO pins to the rotary encoder, through resistors an npn transistors…see pin 1 and pin 2. this seems to mean that all you would be able to do is turn the temp up or down. I cant see a way of feedback from the EQ3 to get temperature reading back to ESP or even what the encoder setting is. If however you have some other device measuring the temperature in the room…then i would be easy enough to tell the rotary encoder to go up or down.
I am going to crack one open over the weekend and have a look if its worth while…
The ESPHome Code example could be would looks like this