Yes to this with a small suggestion. Don't decrease the number of drops. Currently each boss can drop items for three different slots and iirc will drop two pieces per group. So make it something like this:

1) two out of belt/shoe/glove tokens
2) two out of belt/head/leg tokens
3) two out of shoe/chest/head tokens
4) two out of leg/chest/glove tokens

There would be 8 items per group, two chances to get any piece and much more equality when it comes to loot competion.