If everyone in the party agrees to it, you can have the equivalent of that now. For Lot/Pass, just agree at the outset that nobody will use the "Need" option on anything, and it's simply Greed/Pass. For Lootmaster, nobody rolls anything until it's decided who should get the item, then they hit "Greed" and everyone else hits "Pass". The later takes a little coordinating in chat, but not all that much. (Alternatively, if all items are tradeable, the leader could take everything and trade it to whoever should get it.)

My standard behavior (if nobody's specifically asked for anything) is to roll Need on whatever I can and Greed on everything else, but I've run dungeons when an FC member was specifically hoping to get certain drops (which was in fact the initial incentive for putting the group together and picking that dungeon). In that case, when one of those items dropped, all the rest of us hit "Pass" so she could get it. When running with friends, all it generally takes is letting people know in advance who wants what.