It has been said that pistols don't need to be as tight as the LB's to be accurate. This *can* adversely effect reliability.
WC fits their pistols "right and not tight." In 1911's 90+% of accuracy comes from barrel bushing and lock up fitting. It's debatable what a small percentage of accuracy comes from slide tightening (I've heard 15-5%).
If WC pistols are "looser" than LB's but still as accurate, which I believe they are, then go with the WC gun if you're looking for a combat or defensive arm. At least IMHO.
Another thing to consider is customer service. I've heard good and bad about LB, but NOTHING BUT POSTIVE RAVES about WC customer service. I believe they recently won a very prestigious customer service award.
Check out the WC forum and also www.pistolsmith.com.
If you're going to be spending $1,500-2,500 on a 1911, you may also want to consider getting a semi custom from someone like Dane Burns at Burns Custom Pistols (http://www.burnscustom.com/). He's a great guy and knows a great deal about 1911's. He owns Pistolsmith.com, but still promotes other pistolsmiths, sometimes even over himself.
I would LOVE a BCP 1911. Even a semi-custom. Dane does have some semi-customs available through Terry Peters. His full house customs may take up to 4-5 years to receive due to the wait list (get on it!). Terry is also a WC master dealer, so he has a ton of WC's for sale as well.
Good luck. Let us know what you decide to get!