You may or may not know that I manage golf tournaments, and we work with people who have all kinds of budgets.
The most popular HIO prize right now is a trip to The Masers or a stainless Rolex. We go through HIOUSA and/or National HIO -- as you know, the insurance is X dollars for every $1000 of prize value on the feature hole, and most companies also provide bonus gifts for the other par 3s. Just be sure your golf pro has the tees set to the required yardage in the policy and follow the rules to the letter to be sure a winner gets the prize with no hassle.
The best tee gift I ever got was an Odyssey putter, though it came with a qualifier -- you had to take a test drive in a Lexus (it was a national promotion) but we did the drive in the club parking lot, so no big deal.
We emphasize quality over quantity in gifting. Unless you're playing at a premier course, the gift is the feature that your golfers will remember most. We have used the "pro shop" where we bring in non-logoed apparel, quality belts, sunglasses, outerwear, etc., and let golfers choose any one or two or three items depending on the budget. We do it with our own merchandise, but Titleist, the three-stripe brand and the chevron brand also wil come set up for you. We have done FootJoy shoes -- our local rep comes in, fits everyone in a shoe that works in the budget, and follows up with special orders in case he's out of a size.
Logo-embroidered towels and valuables pouches are good, as are sunglasses (you can logo the microfiber storage/cleaning bags they come in). Bushnell has lower end binoculars and rangefinders in addition to their Bolle sunglasses at their outlet stores. Money clips, cigars with cutters, wine with the tournament logo (hmm, wonder where you could get that?), Nice bag tags -- not the plastic ones -- are pretty affordable but require lead time. For a realy inexpensive gift, the foldable beverage coozies are pretty popular; they also make coozie-type products for bottles/splits and full bottles of wine that would be great to put your logo on or get from your vendors. More stuff to logo: A club brush, a wet/dry towel for cleaning your clubs/balls, shoe trees, a "trunk locker" to store gear in your car, a rain cover for a riding cart, drizzle sticks. I'm beginning to ramble, but message me if you want details or sources. Good luck -- if you're dealing with wine folks, it has to be a fun event!!!