Of course not, meant as an addition. I envision just adding a few lines to the info window or something where you can have a few options such as;
enable/disable auto loot, "auto loot all" (auto loots everything and you could right click items to remove said items from "auto loot all") and "auto loot list" (where only the items selected will be auto looted). Those 2 options give the best benefits to both people who want to loot everything bar a few crap items and to those who dont want everything auto looted except a few particular items that they are constantly looting (s10 items, pearls, other monotonously farmed things).