I slay with bloodpouncer from first gold package, only drops I "pick up" are what get scavenged then use on magic note paper to note if invent gets full.
If you leave it alone it forages herbs/seeds/gp/bones, low level stuff though herbs add up if you're just bank standing.
Scavenge is pretty much everything armor, weaps, runes, etc. but it doesn't pick up every kill. I think there's a timer since it doesn't seem like every other kill type of thing either, but I prefer this method over yak/scrolls since it's less clicking.
And I bought a lot of magic note paper during the SH promotion when they were being dumped into ge as an off-product from all the bonds being used up.