P sure once the monster spawns your loot "level" is locked in. This would be a pretty huge exploit otherwise I would think, unless youre asking whether its been tested that heralds specifically dont break this rule?
Otherwise it would be the norm to tele near trav for instance, go back to town and /p8, then you get a monster with p1 heatlh dropping p8 loot
well I've seen people claim that you should indeed spawn trav on p1 and then turn on /p8 for increased loots but easy kills
It's not the kind of gimmick I ever really cared about so I didn't give it much attention, but all I remember is that when I tested this claim many years ago I wasn't convinced that it really worked lol
Also sometimes the game acts differently online vs SP