Having loot lock outs instead of instance lock outs has been something the playerbase of many mmos have been clamoring for for ages. Even here I've heard people complain up and down the street over the lock out with Coil. Everyone proclaims "why can't you just restrict our loot but let us run the instance as many times as we want? It's unfair I can't help my friends out!!" And so SE answers by making a restricted loot system allowing people to run the instance with friends as many times as they want. But SURPRISE there are drawbacks to this system as well. Both systems have their pros and cons. I think both can work possibly tweaks can be made to improve it overall and I wouldn't be surprised if there are some changes as this games life continues.

The problem I see with letting greeds not be part of the lock out is that it would be horrendously abusable. "Ok everyone pass so George can greed and get his upgrade without using up the one item lock out". It doesn't surprise me at all that it's 1 piece or nothing. As for pieces going to waste well that's people's fault for letting gear go to waste I guess. I personally will lot on whatever Warrior gear drops first. Eventually in a number of weeks I'll have the set hopefully.