"Brewing good beer" vs. "being overly friggin cheap-a$$"? That's the choice? If so, then I choose "brewing good beer."
But if the choice were put to me differently...
"Throwing good money after bad because you confuse sweet equipment with mastery of process"
vs.
"Making more happen with less"
...then I choose the latter.
For me, it's impossible to separate the idea of skill from that of thrift. If you're not thrifty, you're wasteful, and there's no skill in that.
Only one example in brewing is the practice of washing yeast. I'm excited to be brewing with washed yeast for two reasons: first, because it's thrifty, and second, because if I brewed with a fresh smack pack every time, I'd never get to witness the yeast's performance in its third or fourth generation. That's the kind of magic that attracted me to this hobby.