I've got a M1911 pistol in .45acp I want to upgrade with the latest upgrades and gadgets. Currently it's in standard M1911 government configuration, standard sights, standard trigger. Old wood grips have to go too. I'd like a laser or red-dot sighting system, all the accuracy upgrades, compensated barrel, etc.  I've have a $300-$500 budget for this project. Anyone have any thoughts or suggestions?

Crimson Trace makes a nice grip-mounted laser system (I have it on my 1911) which puts the laser and switch in a pair of replacement rubber grips (wrap around or standard, you choose), and there's another laser system which uses a special recoil-spring/guide rod replacement. $200-250 for the grip-mount, $300 or so for the recoil-spring one...

Avoid bolt-on lasers (unless you want to drill holes in the frame to mount them), as they (or at least the one I had) don't do well with the 1911's kick.

My thought is, "WHY?!?!?!"

Gadgets do not make a better gun necessarily.  I do not recomment laser sights, compensated barrels, etc.

THE FIRST THING YOU SHOULD DO is spend $20 and 2 hours to purchase and read Dave Lauck's book "The Tactical 1911."  This will give you the best base to understand what you should do and why because it all depends on what this gun is to be used for.

$400 will go quick.  For any type of defensive pistol need, I would recommend a Commander hammer and beavertail safety, an extended hammer safety, and low profile sites like a Novak or similar.  Buy new sets of Wolff springs (18.5 lb. variable recoil spring is recommended).  MOST IMPORTANT though would be a $100 trigger/action job from a reputable 1911 gunsmith...preferably a member of the American Pistolsmiths Guild (not many are).  Teddy Jacobsen in the Houston area is highly recommended.

To be honest, you can buy a good used Springfield with most of this on it for $500 at a gun show.  Then you only need to spend an extra $100 on a nice action job.

Quoted: $400 will go quick.  .

In a flash. 1911's are like bikes, hot rods etc - money pit.

Customization is part of the attraction for many - IMHO