1.

Is it hard to drill the holes required in the frame?

2.

Provided that the drilling job is done good, is there any quality drawbacks of building a 1911 like this?

3.

the frame i was looking at is this one: http://www.diyguns.com/product_info.php?cPath=1_5&products_id=55&ecSid=072573d220b6a359e25a7ad3ddfd954e
Is that a decent product? good price?

And this is the parts kit that they sell also:
http://www.diyguns.com/product_info.php?products_id=34&ecSid=072573d220b6a359e25a7ad3ddfd954e
any inferior parts in that kit? The only real customizations i'd want to do to it is an ambi-safety and maybe some new grips and perhaps new night sights.

4. how much "Help" can you legally receive on building this thing? can i give the gun to someone who will drill the holes, and then they give it back?  -(im somewhat concerned about screwing up a perfectly fine 1911 frame here).

thanks a bunch in advance!

You can't give it to someone do do ANY of the work on the frame. 80% frames must be completed by the end user.
Check out homegunsmith.com . Theres tons of info there from lots of people that have already built 60% and 80% 1911s. Search is your friend there.

I have never done any 1911's but I have done AR lowers. They say you can use a drill but I don't recommend it on the AR lower. It may be different for a 1911.. I have a mill and fixtures and the first one was still a challenge.. Good luck..

I'm not a gunsmith.  I've been researching doing my own 1911 build off an 80% KT Ordnance 1911 frame.  Below is some of my experience on the matter.

Those frames will require more than just drill work.  You will need to mill the slide rails.

Is it hard?  No.  Take your time, measure several times, and make the cuts.  Like said above, _you_ must do the work.  You can have someone experienced on-hand to talk you through it and stop you if you start to screw up, but it needs to be your hands at the controls.

One problem with 1911's is to make a good one can require a good bit of fitting, filing, and lapping.  Dremels are a no-no.  You will get out of the gun what you put into it.  450 bucks worth of parts and frame pounded together by an inexperienced gunsmith will not net you a fine 1911.  The thing may not even work.  Head over to the forums at m1911.org to learn more on smithing the 1911.  You can produce a pistol as fine as any Les Baer, STI, or Wilson Combat custom from an 80% frame, but it isn't a walk in the park.

And an idiom before I go: Proper Planning Prevents Piss Poor Performance