The issue with this idea is... When drop rates get altered between Lam and Live... Then it would not have served any decent purpose, and drop rates (and other adjustments) do happen between Lam and Live.
A toggle, basically means it's available in game and no player will want to leave that off ever (there's no advantage to leaving it off or opting out). Which leads back to the mental health of the player at hand when in a cold streak. There are players who understand and get the "math" about drops and hence in cold or hot streaks, it doesn't hamper them, but many players unfortunately are not so well versed, and I have the feeling that it'll only lead to poor mental health for those players by making it available when they see the numbers seemingly stack against them.
Likely a different route will be needed, as it would be useful overall to have, but I don't think general availability to all players who want it would be the right way to go about it. But I am unsure what would be a better approach at this time.
J1NG