Maybe I'm confused. The current system does have a loot timer. A 5 minute timer.

Are you asking for the timer to be reduced or something?

I would have to give an emphatic no to this. I've seen someone DC the moment a fight ended. They only got their loot because the timer was long enough to get back into the game. I care more about them getting their loot than for you complaining about being forced to wait 5 minutes.