The Ed Sullivan Theater had 1200 seats back when Ed was doing his show there every week. If they ever passed out expensive snorkel sets to the audience, I doubt they did it a lot.
It does seem like something that might have gone to a guest on the show rather than the audience.
Tim
That was my thought too. Ed wasn't like Opra & apt to give everyone in the audience a car or a $20+ pen set. I'd have to agree that it was probably a gift for the guest or VIP.