So currently you have to be around a monsters lvl to get drops, which means if you level up past a certain point you are unable to get some items yourself. I think that's unfortunate and unnecessary. I don't think there's any reason to completely stop higher leveled characters from getting drops.
But of course, you'd have to make up for the fact that higher levels make it easier to farm those lower level dungeons and stuff. So what I'd propose is something like this:
If one's 5 or less levels over the lvl of the mob or monster, the drop rate is 100%. After that the drop chance starts to gradually worse, capping at around 10-20% at 30 levels away. After that it wouldn't get lower anymore. So each level would lower that 100% chance by a flat 2.5-3.0%.
With this it would still be the most efficient to farm things around their level, but a high level player would still have a small chance at a drop in bone for example. I dunno if the numbers I said there would fit, really hard to say, but if this is someday done then the chances can be made higher or lower depending on feedback.