I would second Doug Guy's thoughts of having a very specific goal, and I would also ask what KIND of competition are you planning on, as this whole "tolerances" thing is perhaps my greatest 1911 peeve. Diatribe as follows:
One of the cool things about a 1911 is that the design allows one to be built up as a two-pound, 8.5" mini sniper rifle capable of cleaning an NRA 50 yard Bullseye slowfire target all day, every day, until the end of time.
Yet an annoying thing about a 1911 is that the design allows one to be built up as a two-pound, 8.5" mini sniper rifle , capable of cleaning an NRA 50 yard Bullseye slowfire target all day, every day, until the end of time, and that possibility has occupied a niche in the minds of buyers who have barely even heard of NRA Bullseye - let alone ever shot a match - and convinced them their EDC needs to be a $2500 target gun with the Bomars swapped out for Trijicons.
(To say nothing of the hard reality that a lot of target upgrades - hermetic tolerances that render parts normally drop-in to not-so-much, light springs, hair triggers with OT screws,etc... - are things that might not be smart to have on a gun you need stone-axe reliability from)
The net effect of this is that 1911's have become A LOT more expensive than they need to be, especially when you consider that rattletrap GI guns with frosty bores and the Parkerizing worn white are often capable of grouping better than the majority of the folks that shoot them.
I have nothing against the art that goes into building such things, but again, outside of the Bullseye game, it's just driving up our prices. I went through a case of "Gold Cup Lust" as a kid, but now apply more of a "keep it real" acid test of asking "What is this tool actually FOR?" The end result of this thinking is that, if I decided I actually NEEDED another .45, it would likely be a $500-$700 Rock Island from the Philippines. No sense in procuring a Ferrari when an F150 will more than do.