Honesty is a valuable present one can't expect from cheap people.

Present is of course correct, but 'gift' sounds better here... and usually does in sayings and poetry.

Honesty is an expensive gift one can't expect from cheap people.


'expensive' is a better-sounding opposite for 'cheap.'

'valuable' is a better opposite for 'worthless.'

Honesty is a valuable gift

a little ambiguity problem here, IMO, because "gift" also means "talent", but maybe it's just me?