No... The loot table is fine just the way it is.
Lets take a look at the drops from every single boss in the other FP's and compare them with the drops with LI
No where did i see lost island droping a single peice of Tionese but only Columi or the Rakata chest. No where did i see the normal HM's drop a Rakata peice. Regular HM's only drop columi off the last boss compared to Lost islands every boss except for the last which drops the Rakata chest.
From a flashpoint viewpoint - Lost Island already drops beter gear than all the other HM FP's. Lost island is not an operation, its a Tier2 flashpoint which means it will be significantly harder than the tier 1's. With a cordinated team, this flashpoint is easy to finish. If you are having trouble with it, master SM Lost Island and then come back to HM when you feel confident.
Ugh no, right now the non final bosses of Tier 1 HM FP drop Columi earpieces/implants and Exotech, along with some relic, so every boss could drop something useful to tionese groups. But LI need columi to beat for most of the people, so columi(except MH) drops are useless to them.