I take my 60 into an instance with my groupie, set it to ML.
I'll run through the instance, not killing anything. (I've agro'd once or twice before but it didn't effect it.) I would only kill the bosses, and while my groupie was standing at the entrance I could ML the item to him. Basically this is a -really- nice way to help your friends out through WC/SFK/RFK/RFD/DeadMines/etc.
I'm curious to know (I can't test it out, as most of the people on my realm are ******) if you take 4 rogues and sneak your way, say, to Ras in Scholo, could you spank him an ML the gear to someone at the entrance? If this was the case you could gear up an entire guild with a few rouges.
I don't know the full mechanics though.