There are tons of Mexican food restaurants in Cozumel offering the typical 10 brands of Tequila. Then you have the Tequileria on the main drag just off the cruise ship dock, where prices are approx. 10% higher than what they cost here in the US.
Then there is the supplier/distributor for most of the restaurants and bars in Cozumel. They have great deals, and that is definitely where you want to stock up. Prices there were about half of what they are in the US. The name is Pipo Y Cia, don't let the cabbies talk you into anywhere else.
And now to the 1.5oz Tequila Lounge. I was pretty excited to see that there was a trendy Tequila Lounge 2 blocks from my condo, but after one night in there I had had enough. A terrible selection of Tequila, with a few nice (empty) display bottles. And I was the only person in there on a Friday night.