Ironman should be able to loot items that they can't currently, due to ironman restrictions.
These items would be grayed out or have a red "x" over them. Ironmen would never be able to use the items on their ironmen accounts.
Ironmen could trade these grayed out items on the grand exchange or trade them to other players.
Ironmen would receive grayed out cash/bonds/items when they receive GP or items from other players when they sell their grayed items.
Ironmen could then xfer the cash/items onto their alts which are non iron, and receive the items/gp which would no longer be grayed/red x'd.
This would allow Ironmen to pk, group pvm w/ other players, loot random crap on the ground from drop parties, buy bonds, etc.
Ironmen could toggle this option off to avoid accidentally looting herbs and other slayer drops on task if they were only looking for their own drops.
If this could be coded, it could honestly revolutionize ironman mode on OSRS as well.