Just my two cents take it with a grain of salt:
The /list system was interesting to say the least but the amount of people who join a /list and FD till they hit #1, or even just to loot their item, was insane.
I think the lockout on the item drops should be permanent per toon. Get the item 1ce and move on or level another toon to farm.
1-This allows equal opportunity to the coveted loot (which I think is the whole purpose of the /list system)
2- This prevents people from hoarding the items and messing up the economy before it is even started (too late to an extent)
3-Makes the account sharing a mute point because once each toon has the item they will be unable to farm the camp again on that toon. (this promotes more alt leveling and could help noobs find groups in soon to be empty zones)
4- Anyone wanting to collect the "Lion's Share" as it was put can level multiple toons and do so while the casual gamers don't have to lose a camp to the same toon multiple times.
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