Loot/Drop Auto Pass Function

So, not sure if this exists. I know FFXI had this funtion. But I would like an option to auto pass on item drops. So if I am out and about killing stuff and it drops junk I don't want (fangs, wings, blood, ect...) it will just discard the item (similar to "release" for fishing).

Or, say you have a friend in your party who is farming and you are in the same zone but doing separate things. I could turn on auto pass and all the loot my friend is farming will automatically go to them.

I would keep it separate from coffer loot though. I can just see somebody forgetting to turn it off, then run a raid only to not be able to lot on something. That, or make it so you can turn it on/off at will.