Does your party have a theme? In the past I've given loot bags that contained just a few nice things that went along with the theme, and one tiny piece of candy (like a mini chocolate bar or something). e.g. when we had a beach party they got sunglasses, those containers on strings to wear around your neck to keep valuables in, sand toys, leis etc. The toddlers just got sand toys. The party was actually ON the beach, and I gave the stuff out early on so the kids could have them on the beach!
For my DD's tea party they got bracelets, hats and sunglasses in the theme (also got them during the party so they could all wear them!), and they got to take home their cups.
If you have a theme, you might be able to get some things that go along with it really well. I find that if the loot bag toys are really on target (i.e. they have meaning with respect to the party theme), you don't need to have as many of them as your usual loot bag seems to require!