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question on /players setting

I had read on an earlier thread that you can fight a Boss (I am currently running Meph), and then switch to MF gear before killing him, and get the bonus of the MF. Does that also work for the /players setting? Does that 'dilute' the qualilty of the MF? Or does it simply increase the amount of items dropped? Is it worth it?
As well, if /players setting is set to 8 (for example), how much more experience does that translate to for my character?
Hope my questions are clear.
Thanks!
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