Locate is for part-timers that are afraid they wont get gear with what little time they have to play, and for fulltimers making sure there is no gear for the part-timers to locate.
Remove it and make people work for their gear, and to keep it secured also. If someone really wants a piece of gear and deserves it, they will be around to spam it if it is that important. I think it will stop people from having way too much gear for just one person to really have when there are so many hungry mouths around to feed. Good luck maintaining 3 fully stacked characters, if you cant just instantly locate all the decays and win first try. With lower % load rates and no locate, that lottery looks a lot more profitable for a lot more of us.
Far too often i see people that will viciously defend their perfect set and every load in it. And in some cases people have like 3 sets they will viciously defend... thats potentially 30 items a single person will lock up... by removing locate its a really good way to prevent that kind of stuff. And its also a way to mix that gear people hold onto for the entire wipe.
I think someone said to maybe make locate only work on norent items, that is a BRILLIANT idea.