What about something like monogrammed handkerchiefs? I guess it depends on the fellow, but I used to date a man that dressed like a Victorian dandy, and he loved the handkerchiefs that I made him. Kept them in his waistcoat.
Right now I'm embroidering one for my current fellow as part of a one-year anniversary present. He's not really a "hankie" kind of guy, but he likes things like birds and trees, so I'm embroidering a really big, pretty tree on it. It's taking forever, but I'm finally almost done. I think he'll dig it.
Last year I made a quilt for my guy, which was a big hit...and super cheap, because I just cut up a bunch of old shirts that he was throwing away. All I had to buy was some muslin backing and the batting.