I can just see myself getting an elite pink drop and after I return to town, I run the tool per earhole's suggestion and boom - just liquidated my elite pink because I didn't "save" it in my inventory.

Perhaps a Game option to auto-liquidate Commons and Rares, so that as soon as you collect the drop, it is immediately liquidated. Better yet, save the step and create a Game option so that Commons and Rares automatically reroll to a gold drop.