Welcome to the Quilting Board!
How about a gift card tucked inside a handmade coin purse or little zipper pouch. In my opinion, that's the best of both worlds. Something handmade, and a nice gift certificate for her to spend.
How sbout a cute covered tape measure.
What about a 365 day calendar that has a different block on each day? That would be something she could look at and remember who gave it to her as well as seeing different blocks.............next would be the gift certificate as everyone has suggested.
A friend of mine gave me a fabric basket that is sturdy and has pockets around the whold basket. I keep it on the table beside my sewing machine and put pens and pencils, seam ripper and other small objects in it and I love it, it is so handy keeps all your small quilting things close by when you need them and I think they are under $15.00/
Texas raised, Texas Proud
I like to give an assortment basket of varigated threads in colors I know they like.
If your friend dislikes a particular task, like binding, make a gift certificate, or a booklet of gift certificates, good for one binding, or something like that.
I think you should have a list of classes that you both can look at after your lunch, and treat her to that (or at least for half of it, maybe). That's what I would like... the fun of going to a special class with someone special.
I would say if in double, a gift certificate to her LQS would be nice.