Make EoL always drop a Rainbow Cursor in addition to normal bag loot. 5% odds are too low, it’s really helpful to not struggle to see the cursor while playing. It sells for 1g so it has little effect to those who would wish to discard it.
I don’t think they can adjust drop rates but ok.
I have no idea if we can adjust drop rates of items, but if the problem is cursor visibility then you should just change it’s colour in the cursor settings or apply a resource pack that changes the cursor.