I'd rather go for a bracelet and a slightly smaller cash prize. $55K isn't that much of a difference, especially when you consider all of the other things that can potentially come along with winning 1st place. People like winners, they like to associate with winners, and it's the winners that are usually offered sponserships, deals, promotions, etc that'll probably be worth way more than the $55K you gave up. Not saying that 2nd place is bad and they aren't worthy of such rewards as well, but from a business point of you, I think most companies looking to sponser a player is looking to sponser the best of the best.
Since you gave the option of a combination of both, if I were in that situation, I'd probably try to make a deal of splitting the prize money 50-50, so we're both playing for $427.5K each and the bracelet itself goes to 1st place.