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Yes, strictly for personal use. This is kind of what I figured.
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"Personal use" and "not for monetary gain" mitigate the individual risk but do not eliminate it. It would all come down to damages, if any, that are sustained by Colt as a result of this activity. Lost revenue due to the competition of an outright counterfeit product is merely one source of damage.
Imagine for a minute that you create an exacting reproduction of a Colt firearm that then malfunctions at the range. Anyone seeing this "Colt" product malfunction may form a negative opinion of Colt that is totally unwarranted. Imagine further that the malfunction is catastrophic and does great bodily harm to someone. The firearm says "Colt" right on it, they must make a unsafe product and must be to blame. In this age of cell phone cameras and YouTube, a video of a "Colt" firearm exploding would have thousands of views. It might even make the news. Your honest explanation that it is not a Colt product, but something you made to look like a Colt product, may not lessen the damages sustained.
Regardless of the motivation, if your actions cause harm to a company's reputation, this is grounds for a civil suit.
The subtle modifications to the design certainly help, but from a few feet away it's still a "Rampant Colt".