I can see both the good and bad in Lootmaster parties...

When I was after the Primal Ponies... after spending 399 runs to get Garuda's horse (got Nightmare on the next run), I was tired of the rng loot roll system. So... made Lootmaster Pony farm in PF. I actually took down the names in order of joining and subsequently sent the Whistle to the person next in the list. Yeah had some who got it then ran... but just went back to PF and got a replacement.

You get some bad apples for sure, but when you're playing a game such as this with other people... you have to be aware that some are just out for themselves and to Hell with everyone else. Lootmaster parties are a hit and miss affair... you may get one which actually does as they say and dishes out the item in order of those who joined. Conversely, you will get those who 'loot and scoot'. Best thing to do, make a party with FC/LS mates... that way you'll be farming with people you know.