This is the first time I'm inside of this forum and i found your question very interesting. I'm a professional guitar player and i love the guitar tone from Eric Levy. Everytime I analize his tone i arrive to the same conclusion and I've tried it with my own equipment:
All the (good ones) guitar players that talk about this topic associate Eric Levy's tone with David Gilmore's tone. You'll find specially interesting the solo of Devore Amante, the chords of the progression are very close if not the same of Pink Floyd's "comfortably numb".
About the equipment, I love to play ERA solos with a Fender Stratocaster connected to a RAT distortion pedal, the distortion should be in front of (I mean connected as a booster to the input) a Marshall JCM preamp (I mean, the distorted section of a Marshall amplifier). After that, you should use the Effects loop section and connect the SEND of the FX loop to the input of a Memory Man EHX analog delay with chorus/vibrato. The output of the memory Man should come back to the RETURN of the FX loop. and that's it!
FENDER STRAT GUITAR---RAT----MARSHALL PREAMP------DELAY---AMP POWER SECTION.
Please let me know if you like the tone you get with this SETUP...cheers!