I think it would be a good improvement if the "Show Item on ground" was a toggle to permanently show items on ground instead of them fading out after a few seconds. I find myself having to repress left-alt constantly just to make sure I haven't missed anything. (If there is a way to achieve this with current options please enlighten me.)

With this function I would also suggest an item filtering option so you can control what quality of items shows up on the ground.