Pre and postban FSB's are generally the same thing, with the postban version just having the lug ground off. Problem is that the taper pin holes in the FSB and barrel are usually drilled at the same time. If you buy a new FSB, it probably won't have the pin holes drilled in it yet, and trying to drill new ones that line up with the existing holes/grooves in the barrel would be very difficult. If the FSB does come with the taper pin holes already drill, chances are they won't line up with the barrel holes/grooves, and since this is a [b]taper[/b] pin hole, may be the wrong size on either side of the FSB.
Your best bet would be to buy a Armalite FSB with lug. These clamp onto the barrel, instead of being pinned on. The only downside to this, is that the clamped on FSB will not hold up as well to side impacts, causing a shift in POA. For range/hunting/plinking duty though, the clamp-on FSB sight should work fine. You could attach a ARMS SIR #58MOD, KAC RAS MRE, etc., which would help protect the FSB from side impacts, if you are worried about this sort of thing.
As for building a 1911 up from a frame, it can be done, but it takes a lot more finesse and experience to build one what will be accurate and reliable. Most of the parts on a 1911 will have to be hand fitted, which takes some skill, unlike building an AR-15 which just takes tools.