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Josh K.Ive gone in on one lot with another board member (unfortunately we didnt win). However, it was a set of 18 or 20 M101-5s - mostly HOFers and a few other notables such as cicotte, etc.
We basically agreed on a max bid (that we would split) and prior to the conclusion of the auction we did a draft (I went first, he got the next two, then I got two, etc until all the cards were selected). It worked out well for us - we were both happy with what we would have rec'd had we won. I know others who have split lots based on what card(s) they wanted and they each agreed to an amount for each card and that was their contribution.