Colbert Hills turned off their waterfalls, save special occaisions years ago. I think it was a combo deal of electricity and water, since they use city water and pay for it all.
The good news is, they are famous for watering less than other courses in the area - once every fourth day whether it needs it or not.
As for other things to go, I figure towels could be a nice cheap touch for upscale joints. The funny thing about golf shirts is that the course pays about the same for a $75 polo or $50 Ping shirt. Its all marketing as to how much they charge.
The other funny thing is that most courses are cutting back the maintenance around the edges - literally - by not edging bunkers, cart paths and other items on the fringes as much as they used to. I wonder how many people really notice a perfectly edged cart path?