I am ok with the party leader setting lootmaster and taking first drop on whistle and then resetting the loot to normal as long as the party stays together long enough for at the bare minimum a couple more to drop. From past exp I can say that it stinks to set up multiple pts and help 10s of people get the whistle when you cannot roll higher than a 10 yourself.

Weapons I can see lootmastering so 1 person doesn't get them all or a majority which happens often but it's honestly not worth it.