Concept:
If
\[
\operatorname{Arg}\left(\frac{z-z_1}{z-z_2}\right)=\alpha,
\]
then the angle subtended by the line segment joining \(z_1\) and \(z_2\) at the point \(z\) is \(\alpha\).
Thus, the locus of \(z\) is a circle passing through \(z_1\) and \(z_2\) such that the chord \(z_1z_2\) subtends a constant angle \(\alpha\) at every point on the circle.
Step 1: Identify the points represented by \(z_1\) and \(z_2\).
Given
\[
z_1=8+4i,\qquad z_2=6+4i.
\]
Therefore,
\[
A(8,4),\qquad B(6,4).
\]
The length of the chord \(AB\) is
\[
AB=\sqrt{(8-6)^2+(4-4)^2}=2.
\]
Step 2: Use the condition that the chord subtends an angle \(\frac{\pi}{4}\).
For a circle of radius \(R\),
\[
AB=2R\sin\theta,
\]
where \(\theta\) is the angle subtended by the chord at a point on the circumference.
Here,
\[
AB=2,
\qquad
\theta=\frac{\pi}{4}.
\]
Hence,
\[
2=2R\sin\frac{\pi}{4}.
\]
\[
2=2R\left(\frac{\sqrt2}{2}\right).
\]
\[
R=\sqrt2.
\]
Step 3: Find the centre of the circle.
The midpoint of \(AB\) is
\[
M\left(\frac{8+6}{2},\frac{4+4}{2}\right)
=(7,4).
\]
Since the chord is horizontal, the centre lies on the perpendicular bisector
\[
x=7.
\]
Let the centre be
\[
C=(7,k).
\]
Using
\[
CM^2=R^2-\left(\frac{AB}{2}\right)^2,
\]
we get
\[
CM^2=(\sqrt2)^2-1^2
=2-1=1.
\]
Hence,
\[
CM=1.
\]
Therefore,
\[
k=4\pm1.
\]
So the possible centres are
\[
(7,5)\quad \text{and}\quad (7,3).
\]
Step 4: Determine the correct centre using the given argument.
The condition
\[
\operatorname{Arg}\left(\frac{z-z_1}{z-z_2}\right)=\frac{\pi}{4}
\]
corresponds to the major arc lying above the chord \(AB\).
Hence the required circle has centre
\[
(7,5).
\]
Its radius is
\[
\sqrt2.
\]
Therefore, the equation of the locus is
\[
(x-7)^2+(y-5)^2=2.
\]
In complex form,
\[
|z-(7+5i)|=\sqrt2.
\]
\[
|z-7-5i|=\sqrt2.
\]
Step 5: Write the final answer.
\[
\boxed{|z-7-5i|=\sqrt2}
\]