For example, we will have ticket prices of $2, $5, $10 and $25. $2 tickets can only be added to the $2 prize baskets. Etc.
Absolutely! But we do it a little differently. We have a tiered basket configuration to set a require ticket per entry. By default all prize baskets are 1 ticket. You can edit each basket to require a different number of tickets. For example, if most of your baskets are the same, those can all be 1 ticket to enter. Then if you have some prizes that are worth considerably more then those baskets can be 3 tickets to enter and some really highend prizes could be 10 tickets to enter.