I think $5 a ticket is way too high. I personally wouldn't pay that much unless the quilt was my ultimate dream quilt.
Last year there was a benefit for a friend of ours who was battling throat cancer. There was a raffle. It was something like 1 for $2 and 3 for $5. But the one thing I remember was that for $20 you could get a strip of tickets as long as your armspan. I saw quite a lot of people going for the armspan worth of tickets rather than putting out $5 for three tickets. I saw families where each member was putting out $20...that's $100 right there for a family of five. Obviously the $20 was the better deal and people thought it would up their odds at winning because they got more tickets out of it.