Having the option for personal loot at game creation would be great. It would be a fair way for everyone to get a chance of getting decent items. Here’s an idea on how it would work:
The dropped loot is the same as if it were turned off, but instead of showing for everyone, it ‘deals’ the loot out like cards in a poker game, including multiple drops from a single monster or container. While you would see significantly less items drop, the items you do see drop are only for you to pick up. Once you pick them up, you can trade/drop them like normal.