Thanks to a lucky dungeon drop, I can tell you that if you turn off all looting options, you will STILL loot epic gear. So if you leave it on while you're at work or over night this is a good setting to wake to bags full of purples.
@XXwildfire90XX - If you turned off all of the looting options in the settings, would you only loot epic? I may have to test this but it seems as though that's how it would work.
For those of you who don't pay too much attention like me, when you are on the map and you hover over an area, the name and level range show up on the bottom right and any dungeons in that area show up in the lower left. This helps when you find out that Scarlet Monastery is not where it should be but instead matches up with its level range.