IIRC, in the lore of dragonfable all concepts hold magical power and powerful concepts like good, evil, love, or bacon grow to emulate the 8 elemental planes as they become more powerful. Bacon is powerful enough to have a Prime Orb and Dragon Guardian, and good and evil are at least powerful enough to channel into potent magical power like spells or weapons or equipment, and we even meet Elemental Love's avatar in a HHD quest*.
Every living being is a possible conduit and/or agent of any given emotion, so emotions in general are probably very powerful conduits for spellcasters and etc. like we see in the Phobeist's fear magic. Love magic in particular being noted as especially powerful and almost impossible to control.
If i understand correctly (and this is going a bit into headcanon, since all of this is speculation) emotions are so broad, unstable and subjective that there might only be one single EP of 'Emotion', but there also could very easily be separate planes for every emotion if they're powerful enough to have avatars, and therefore lords (or maybe a single 'Emotion' EL with many avatars)?
* was that Love's avatar me met? It was a being simply known as Love so it might have even been something analogous to an Elemental Lord, which if that's the case, that they can be found simply on the 'material plane' then maybe they don't have their own planes but rather places of power within the material? I don't have access to the storybook house item, so if someone does could they confirm/deny?