It doesn't really do anything with minetest.item_drop, though, I don't think. This is a fork of PilzAdam item_drop.
License: WTFPL
Description: Makes a plop sound and automatically picks items up as you walk over them. Use nodes_drop_items = true in your minetest.conf to get nodes to drop to the ground, instead of automatically filling your inventory.
Differences in a nutshell: Use a setting to turn on node drops; remove far away items "vacuuming" in; reduce objects_in_radius search, so that dropping items doesn't automatically pick them back up.
Download: GitHub or master.zip