I brought up lockouts because you were talking about WoW's raid and loot system. If you were to make Ifrit auto-drop every run, it would only take one day (maybe up to 3) to get everything.
As stated dozens of times already, we know there is a problem with the current loot system. We are spinning in circles here, the simple solutions (in my most humble opinion)...
A.) Do not allow duplicate weapons to be in the chest as a reward
*Prevents the items from falling to the ground, allows for the players to have a higher rate of success for obtaining the items
B.) Lower the drop rate and create a "group" chest (similar to batraal)
*Players can distribute the items as they see fit, drop rate is low so the time for you to get 7/7 weapons will be increased.
*For a "hard" fight there should not be auto-loot. Ifrit is the same as any NM in the game, they have a chance to drop loot and maybe you get it on your first kill.. sometimes it takes up to an hour or more and 50+ kills to get that drop.
C.) No more weapons are obtained from the chest, instead an item (Horn for instance) is obtained which can be traded to a vendor for the item of your choice.
*Similar to option A, but this guarantee's you get the item you desire
D.) You get "tokens" for kill Ifrit and you use the tokens to purchase items
*Similar to option C, but now everything has a set duration... XX kills = weapon XX * Y = 7/7 weapons. "I have to kill Ifrit 100 times and I'll have them all"
I opt for more random loot measures (option A preferably or option B) rather than the latter options. Having this randomness increases the duration of the content.
You will always get those people who "just want the lance then im done" for example. If these people can choose their loot it will lead to less people are doing the content and it slowly becoming a struggle for newer people to complete the content. Yes - that's their choice if they want to do it a few times and never again, but with the current limited playerbase SE needs a looting system that will keep players coming online and playing together.
Unfortunately (or fortunately depending on your view) the current loot system accomplishes this task, but in a manner that is not befitting to the current MMO standard.
No need to fear, for your savior and mine, the great Yoshi-p has stepped up and decided to make alterations to the current primal loot system.