I didn't come from a gun family. I honestly think Hollywood is to thank for getting me into them. Anyways story goes that I started going to a indoor range around the age of 12. I went frequently enough that I knew the staff well enough that it was okay for my family to drop me off there with some cash and they could go on about their business for a few hours.

So I was probably 13 or so when I first shot a 1911. It was in the ole rental case that stood out from a stream of rental Glocks. Its an old Norinco 1911A1 Anyhow little did I know after shooting one of those what sort of road it would lead me down to today.

Fast forward about 6 years or so and I'm eventually employed at the same shop. The rental case stood with the same ole Norinco and slew of Glocks. While employed Id go over and check it out from time to time. Every once in a while Id feel bad for it and wipe it down as the rental guns were really abused. I worked at the shop for a few years during college and eventually went on to other jobs.

Well in 2015 the shop moved locations and lost the indoor range. I happened into the new spot to say hey to some old faces and there lay the ole rental 1911, the first 1911 I ever picked up and fired. I eventually left the shop with it, likely paying much more than its worth. But it does hold a certain sentimental value to me I suppose. Its sat in a drawer the last couple years doing nothing but collecting dust due to a few issues Ill get to below.

Its been roughly 15 years since I first picked this ole gal up and shot it. Now its in a tid bit of different shape, as suppose am I. Somehow the mag release lost its plunger and spring, a easy fix there. The slide stop is blatantly not original anymore with it being a bead blasted SS stop, I guess not that it really matters too much.

But here comes the real issue, the barrel. Its literally wore out. I would say its unsafe to shoot as is with the lucking lugs on the barrel being extremely worn. However other than that, it looks to be in ok shape. Frame looks fine. Slide looks good. So Ive started thinking perhaps I should rebuild this guy. I could get a Kart barrel for it and fix that issue. Rebuild the firing controls just to be safe. Perhaps even throw on some new sights as the front looks like someone literally made the sight out of barstock and a file(but not in a good way).

What would the hive do with a piece that's somewhat sentimental? Do a minimal rebuild as described above or just leave her be?

Kart barrel, tight EGW bushing.  EGW raised shelf magazine catch.  Replace the slide stop with one that matches the finish (just for the aesthetics).  New recoil spring.  Back in business.

Wear out the new barrel.  Replace barrel at 75,000 rounds, recoil spring every 1500.  

Pass pistol to kids or grandkids.

Agreed do what is needed to keep it running and it will last forever. Going overboard on mods will make it less appealing in my opinion.
As long as they work no need to replace triggers hammers sears and so on

Contrary to popular belief, steel frames DO WEAR OUT OVER TIME TOO

As I understand a steel 1911 frame is about a 100k lifespan, sometimes 120k

This

Buy .45" shot cartridges.

A Bullseye shooter (2650 on a good day) near me shoots a gun that had the frame rebuilt.  It was loose to the point that the various holes started egging out.  I wonder what he payed to have that done.

Anyway OP, I would have someone competent install a Kart barrel (or KKM) and then get a trigger job.  Maybe a new trigger too if you don't like the trigger reach.  You might also want to upgrade the sights.  Novak or LPA cut rear and ??? front.  If it's loose you can always have it accurailed for extra time/cost.

Restore it! If possible maybe using Norinco parts?

I know those guns have a good reputation.

They are great guns if you don't mind GI sights.

I'm a sucker for them and buy them every time I find them cheap. I was down to one until I walked into my local shop and they had a good deal on one with the box.

Norinco? I'd never have acquired it in the first place.

You know they're forged frames rather than cast, right?  Unlike Springfields' cast in Brazil by Taurus frames?

The info you supply is incorrect and outdated. When SA INC had frames forged in Brazil, they were not done buy Taurus and they were not cast.

They were forged by Imbel.

I'd inspect each part, replace the ones that are out of spec. (like the barrel & bushing), install matching slide stop (maybe find a NOS USGI part), replace all the springs with Wolff springs, and keep shooting it.

I'd sell it, but I've never been a fan of Chicom 1911s in the first place.

That barrel isn't worn out so much as improperly fitted in the first place.   Properly fit barrels will never have the lugs chewed like that.   If the slide lugs still look good, a new barrel would probably get you going just fine for another 60,000 rounds... but I hate to put any money in a Norinco.

Good to know.

When Wilson was building on customer supplied guns there were only a select few that they would accept. Norinco was one.