oh yes that Jet Pack is the most awesome gift. It makes it hard for me to actually complain about somethings.
I went through the same misfortunes as you had, but finally got in a good Raid. meaning a good raid leader. It was just that one time, the few more I was trying to get on after that, it was back to the same ole feeling of being ignore due to my level . .
It was the team that did the most damage that did get to loot, but to try and get every one to receive a reward you really needed a Raid, then it depends on who that raid leader is if you got invited.
I suspect when they said go on LFT, was so they could check your level, if you were not XXX level your not getting a invited. Reason I suspect that was because every time I did it that way, I was never invited, but always got an invite when someone said stand by such-n-such and /tell <playername>, I always got a invite that way.
The system or the way the reward was handed out would work and was the best, but it requires patients and a good leader.
the Rider had a 26minute rot time, so there was time to get everything handed out. I'm just not sure how much loot was available to be handed out. I asked once but don't recall what the answer was
I don't think it was enough to cover a full Raid , which that woulda sucked. but I'm sure it was enough to cover 2 full teams in the raid.
I was in a winning raid a few times, but never got a thing and the loot would be gone before the timer was 24m
As I said at the start of this reply, getting the Jet pack, for free, made it hard to really complain.