I joined one for Bismark, got my bird, 6 others did too. It works if the leader is honest and the party dedicated. We had a couple salty fish join just to sabotage the group, and a couple others join who apparently weren't aware it was a lootmaster farm (despite the PF explicitly saying so), so there's that to watch out for.

Getting that 8th or 7th person though is tough. I think a good compromise would be to let the 8th person have first dibs on all other drops, 7th person 2nd dibs. That means you should get a lot of people joining those last spots just to get weapons/crafting mats/music without any real expectation of birds.

Obviously, Zurvan's drop rate is so low for birds Lootmaster just plain doesn't work. I hear pretty frequently people going a full 99 runs and not even seeing the bird drop once, let alone winning one.