Steve -
I have two 1919's but they're both full auto. If you're thinking of a semi, I'd say go for it. They can be had for about $1500 and even though they don't shoot quite as fast as a full auto one, you can still burn through a belt pretty fast. Additionally, they are sturdy as hell. I've seen guys shoot them until the barrel turns bright cherry red. Granted, those were full auto, but nonetheles, it gives you an idea of the abuse these guns (1919's in general) can withstand. They can be easily converted between .308, 30-06, and 8mm, so you can look for cheap ammo in any one of three calibers if you get the full set up. There's all sorts of bipods, tripods, and pedestal mounts available. Get a decent tripod with a T&E, and you can just dial it into your target.
And besides, they make liberals foam at the mouth and go into seizures. What more can you ask for?