years ago. back in the dark ages or UO, I was the healer for a small guild i belonged to. Loved it..... After a hunt, we went back to the guildhouse and spread all the drops on the floor. We then rolled the dice to determine order of choosing, so each member of the party had an opportunity to choose.
It worked well, we played and hunted together and established a trust in our guild mates not to take advantage and encouraged working as a team. Oh, for such innocence and trust now. I am fortunate in that I totally trust my guildmates, and it generally worked out that if there were specific drops that one of us needed we would trade around until most ended up with what they wanted/needed.
We did not depend on the greater UO computer god to determine who got the goodies, we depended on each other.... it worked well.