Looks to be an exercise in futility...
Perhaps I will find one, but likely I will not. I decided to spend the $50 for the "gift" as follows.
$30 for my C&R FFL
$15 for a SiG P228 (clear plastic cheap airsoft like gun)
$5 for chocolates
Don't worry jewelry will also be there, otherwise I stand the chance of getting beating with the plastic SiG P228.
For some reason I still like those little ravenesque guns, I don't know why. And I can't do math, 500 rounds of ammo for .25ACP would cost about $125 NOT $250. Not a completely ridiculous amount of cash. Still that is double the cost of 9mm and is more than what it costs for me to reload my .45 Colt. Though factory ammo in anything except for 9mm, 40S&W or 45ACP is too expensive IMHO, and I think the affordability of 45ACP is right on the hairy edge (obviously talking plinking/target ammo not personal protection ammo and then it is all pretty expensive).
Another advantage I seem to the mythical $50 handgun (maybe even $30 in the case of OEF_VET) would be a chance to practice some gunsmithing, specifically cold blueing. I have a Remington Model 11 (humpback) that is completely bare metal and needs a new stock. Would like a little practice before I go to town on that gun.
I had also researched some of the various BP handguns but couldn't find any that were cheaper than $150, even some of the flintlock single shots. One of those she would actually enjoy to have, though just to have on display - and not as a present, and certainly not as a $200 present.
I think that the Nagant M95 goes as the winner for cheapest handgun on the market. Too bad it will be about 10 weeks before I have my type 03 (I just ordered the application packet today). I think $100 is the absolute lowest price that anything is available with the M95 the loan exception and sure to change soon.
I may yet get some sort of .25ACP but doesn't look to be in the cards, and once the cruffling starts I think a 7.62x25 will probably be higher on the aquistition list. Thanks to everyone for their comments and participation in this little thought experiment.
Cheers!