'~eggdrop' is the ident and '@h24-86-120-8.ed.shawcable.net' is your ip (actualy the dns of the ip). If on your server you don't have other IP than this then you can change the ip. The only thing you can change here is the ident, and spock told you how to do so.
Once the game is over, the king and the pawn go back in the same box.
if you want to change the username its the first var in your conf: set username "newusername"
now if your shell is not running identd allowing users to change their username your SOL., as for the resolved host if your shell provides vhosts change the ip in: set my-ip "ip.of.host.youwant" and set my-host "the.host.you.want".