I suggest that the hunts should be treated like treasure maps.

You would get your bill from the board as usual and then head to the zone that it is in. Instead of deciphering it, you would talk to the Hunt-Scholar that is in that zone to find out where it was last seen. The area to go to would be random for everyone so there wouldn't be a huge group of people all in one place. You would then head to the area where it was last seen and do a /lookout. You would then get a message saying that your prey is some distance away in a certain direction. You then head off in that direction. Once you think you are where you need to be, you do another /lookout. The number of times you need to do /lookout would be random up to maybe 5 times and then the mob will spawn. The mob could then be treated like a leve mob and only the person or group that spawned it would be able to fight it. If in a group, then the party leader would do the /lookout so you don't spawn more than one at the same time.