A lot of party shops sell goodies with specific Oscar or Hollywood themes. One of the coolest are stickers depicting stars on the Hollywood Walk of Fame, which you can personalize with names of each of your guests. In addition, while the Oscar statue itself is copyrighted, there are tiny plastic replicas available that are close enough to pass casual inspection. Beverages and More sells tiny little bottles of Brut champagne, and tins are available shaped like movie reels and containing mints or pieces of candy. If you have a little more money available, think about "glamorous" pieces of clothing, such as feather boas or white gloves.
Coupons or discounts with a movie theme are easy to carry and cost very little.Talk to your local movie theater about purchasing books of passes, then put one or two in each bags. Movie theaters also sell coupons for free concessions like soda or candy. Video stores, too, can sell books of "free rental" tickets, which you can disperse among your guests. For something a little more unique, look for postcards with a Hollywood theme--either those featuring famous landmarks or posters from famous movies. If you can, look for movie postcards that appeal to your particular guests. Ask them what their favorite movies are (or who their favorite movie stars are) and pick postcards for each of them that match their tastes.
This option may cost a little more than others, but you can take steps to cut the costs and it makes any goodies bag feel complete. Pick up a bunch of DVDs--ideally films that have won Oscars or feature actors and directors who are up for awards that year--and distribute them in your bags. Older DVDs are usually less expensive than new releases, and video stores such as Blockbuster often sell used DVDs that they don't need anymore. If DVDs don't appeal to you, movie song compilations are also available for reasonable prices.