Regifting is a good option unless the item is a total piece of crap. I would never regift anything that I wouldn't have considered buying in the first place. I always have decent flashlights, knives, and multitools on hand for spur of the moment thank you's. Sometimes, one of my guys will stay late to get something finished, or a building inspector will rearrange his schedule to accommodate me. A small thank you gift on those occasions really goes on long way.
Also, I'm never without a light to be used as a loaner. Everyone around me knows that I'm the "flashlight guy", so whenever someone needs a light, guess who they ask. A mag-led is a great loaner light to a non-CPF guy.