So you're saying some people are more entitled to gold or rep than others? "Oh I'm aldor so I deserve this item and you dont?"... Nonsense.
It doesn't matter which one drops or which you need, they are a tradable currency.. Maybe you need the 350 rep and maybe someone else needs the 10g. Nothing is stopping you from selling your item for 10g, nothing is stopping you from buying the item for 10g, and nothing is stopping anyone from trading the item for the equal opposite.
Everyone is entitled to an equal share of the currency, or an equal chance of rolling for the currency to do with whatever they please... That may be handing in for rep, that may be trading it for the opposite version or it may be selling it for gold. If you want things to be fair for all parties you also have to be prepared to split the gold value of these items between the other 4 members when you decide that the item is yours because you can hand it in for rep.
This is not the same as a piece of BOP gear, because the items are a tradable currency the value is equal for all members of the party, regardless of what they intend to do with it.