The EQ presets in Rockbox are stored in external files, they aren't embedded in the firmware. So toggling them would require scanning the folder for preset files, determining which one is currently loaded (if any) then moving to the next one.
An EQ should be determined in almost all cases by the weaknesses of your hardware more than anything else. You shouldn't really be cycling through them, but rather just choosing the one that matches the headphones/speakers you're using at the time.