After a little more experimentation tonight...

I've decided that there is a bigger difference between good tonic and bad gin, than bad tonic and good gin, assuming Ice remains the same. but decent gin and decent tonic is by far the best value.
Moral of the story boys and girls? Schwepps + Tang 1.75ml + good ice + fresh lime is the probably the best G+T bang for your buck. You can go all gourmet with boutique gin and boutique tonic... example being Hendricks and California available Q brand tonic with filtered water ice, but considering that you will get 90% of the gin and tonic experience at half the cost per beverage with a little planning... Tang and Schwepps + fresh lime + good ice is my move. Please don't forget the importance of good ice... the stuff my tap water turns out leaves a half a millimeter of particulate crap at the bottom of all my 13oz rocks glass (5-6 ice cube) based beverages. This is probably a San Diego thing though, but it's been gross enough for me to start making my own ice with bottled water for my Bourbon.
According to UDABC, Hendricks isn't being sold in Utah in 1.75ml botles... so we're comparing golden delicious apples to granny smith apples here, BUT...
According to UDABC - Hendricks 750ml bottle = ~31.00 per bottle
According to UDABC - Tangeray 1.75ml bottle = ~46.00 per bottle
Assuming a 1.5oz pour, which is about normal at a bar in cali per beverage, you're seeing about:
750ml Hendricks - about 17 beverages.
1.75ml Tangeray - about 37 beverages (adding into account a little pouring error... it is a 1.75ml bottle.)
Cost for Schweps 1L Bottle is about 1.80 per bottle. Assuming a 4:1 tonic:gin pour, and about 10oz of ice per 16oz pint glass, your cost on schwepps tonic is about .05c per beverage.
In my area limes run about .50 cents a piece. I like a lot of lime, and i get about 4 or 5 beverages per lime.
Your cost on hendricks per beverage = 1.98. Which still aint too bad compared to bar prices.
Your cost on Tang per beverage = .98
If I'm concentrating on legshooting my team mates on UT, I'm probably not concentrating on the absolute quality of the beverage I'm drinking, but the idea that my beverage is of quality substance. It's not like I'm drinking dog poop plastic bottle gin, Tang is a solid choice, especially when considering the cost to oz ratio, it's my gaming G+T of choice. If I'm sitting in my smoking jacket and enjoying a nice tobacco filled pipe (i'm probably not drinking gin, but more likely bourbon), i'm probably drinking Boutique Gin + Boutique Tonic.
PS. These are the ridiculous kind of posts you can expect now that I'm here. I do this crap all day long. If i could get a solid cost on a boutique gin Available in UT my post would have been more accurate.