[hnkain]

The (exact) optimal EV-minimizing strategies (assuming each target word is equally likely) always solve in 5 of fewer guesses in normal mode, and always solve in 6 guesses in hard mode. If you wish to guarantee 5 guesses in hard mode, there's a different (optimal) strategy with slightly higher EV. See: http://sonorouschocolate.com/notes/index.php?title=The_best_...

I don't think a maximum-number-of-guesses optimizer leads to an equilibrium (if you mean Nash equilibrium), assuming you're playing the game where the score of the game for the setter is the number of guesses. In particular, if the solver's strategy is deterministic, the setter will always pick one of the words that needs 5 guesses. There's no reason to think the nash equilibrium can be easily found.