I'm not an expert, but here's my stab at this.
First, you're not only dealing with the NFA, you're dealing with the '94 AW ban.
Lesse. You make a pistol into a rifle. Okay; you're good so far.
You want to thread the barrel. No good; a rifle can only have one evil feature. You've got yours already with the "protruding pistol grip." And, since the ATF considers a silencer to also be a flash suppressor, you're technically threading it for a flash suppressor. No good. (This is why no postban barrels are threaded on rifles.)
Using "lugs" won't work, either. You're still sticking on what the ATF considers to be a flash suppressor.
Also, the date isn't the end-all and be-all of the AW ban. The clincher is that the firearm had to be an assault weapon [i]before[/i] the ban! In other words, if you had an AR-15 lower that was manufactured in the 1970's but was never made into a complete weapon, it's as good as a post-ban.
Nice idea, though...
[b]However[/b], if you were to forget the rifle idea, it may work. I don't know a standard 1911's weight. But, if you stick on a threaded barrel, there's your one allowable evil feature. Flash suppressors aren't "evil features" on pistols, so you should be just fine! The only thing that could screw you is the 50 oz weight limit. Just keep the UNLOADED pistol under or at 50 oz, and you're fine.
NFA and legal people... Are my statements sound?
Mike
EDITED to add the last paragraph.