I think if I were to devise a system, I'd base it off of Advanced D&D. Players would find items and gold. During a session, the DM would grant items to chars on the fly and they could use them as found. At the end of each "module" or return to town, the players would have to share/distribute the treasure. So all loot would be given/shared among the party.
In old pnp games, the players would share loot. If there *was* a +2 sword, a Cloak of Elvinkind, and 10,000 gps found - there was no way to distribute equitably. So, items have a GP value. In our games, if there were 5 players, one would get the +2 sword, one would get the cloak, and the other 3 would get 3,333 gps each. In return, those 3 could sacrifice that gold to their church for 1 to 1 xps, or spend it or save it. It cost money to train for the next level, and it cost money for a keep at higher levels.
An ideal loot system would have average loot, but an unobtainable top level - so that the party members with the best magic would be balanced by the party members with higher levels. This is how it worked out around the table, but its never been implemented in a crpg. For crpgs, the game could automatically assign loot in this manner rather than me the player doing it, but it would reflect a
real tabletop feel.