Increasing the DPS slots to 3 or 4 instead of 2 would certainly help reduce the waiting times, however, it'd also require more drop rates to compensate, bosses suddenly dropping two or three pieces of gear instead of 1, same with chests.

Other changes that'd be useful for this would be codes to ensure no duplicate item drops, and to ensure only items that can be equipped by those in the party drop, so, no party of PLD/WHM/BLM/BRD dropping gear for DRG or MNK.