Lootmaster is a bad idea because if you ever played WoW you know you saw all day shouts about people ninjaing gear or mounts with lootmaster.

In FFXIV someone is going to set up a party in PF pick 2 items or whatever but it also drops a rare 1% mount. The guy is going to set lootmaster and say it is so he can give people the drops they picked. But when the mount drops he is just going to take it for himself.