Figure the loot drops are for your companions..... BTW I have tanked it in mix of Tionese and Columi on my BH tank and it wasn't to bad as long as you have a healer who knows what he's doing...
I've found the biggest obstacle to HM LI is healers, if you bring one that is not that good it's going to be wipe city... But bring in a good healer and as long as everyone knows the mechanics of the fights it's pretty easy to do without having to wear Rakata gear..
In my personal opinion, the only fight that is healer intensive is Project Sav-Rak, when he jumps on a pipe and hurls radioactive poo. The other fights are more reliant on interrupting or avoiding damage.
1. Interrupt incinerate. As a tank I can catch most incrinerates at about 0.5 seconds taking no damange at all. The only other heavy damage is Experimental Cannon on one of the non tanks. As a healer, that hasn't been too hard to handle. Also, the adds do very little damage if they're focusing on the tank (aoe taunt ftw).
2. Green goo with Lorick can be cleansed. Off-healers and some tanks can self cleanse, in addition to the healers cleanse.
3. Satchel charges can be dodged. I actually prefer the left-right strafe than the run around the kolto tank. It's not that hard to avoid every satchel charge this way.
4. Interrupting Ravage is pretty key and reduces a lot of damage.
5. As a healer in the final stage of the Lorick fight I'll just plop a salvation by the door and help out on the dps.