I haven't attended very many "non-local" regattas, so this may be an entirely "old idea"..... But I'll give it a shot.
A few years back (for our Hangover Regatta); the trophies were made of a mast section with a nice wood base. They didn't cost much to make, recycled the mast, and having an actual "boat piece" made it kind of special. I happened to collect one that year.
Dave