Kosher to be a cheap ass and keep a GI rear sight and get the front milled for a tritium novak?
If so, what height/width would you recommend?

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If the heights are right it would work, But it's just not going to look right.

The hot ticked lately is a dot front. Either fiber optic, gold bead, or Trituim in front. With a wide "U" notch rear sight such as the 10-8 0.140 notch or Wilson Combats Battle sight. The rear is completely back, no dots.
You bring the gun up , eyes go right to that front dot and you drop it in the rear notch. Very fast, easy to pick up and align quickly.

Worth the money you will spend.

Another version of this on a G.I. sight set up would be to keep the dot front sight you already have and install a 10-8 National match sight in the rear. This sight will fit right in the dovetail you already have.
I have this set up on my current carry Colt Commander. works great and didn't cost a lot.

http://www.brownells.com/handgun-parts/sights/rear-sights/1911-national-match-u-notch-rear-sight-prod27421.aspx?avs|Manufacturer_1=10-8 performance llc

http://www.ar15.com/archive/topic.html?b=5&f=49&t=113891

If you want to keep the gi dovetail rear, I like the Harrison Retro U notch rear with a Novak front.

If you want to keep a gi rear sight, then you're going to have to keep the gi front.

A modern big front sight will result in your gun shooting very low with a gi rear sight. You need to replace the rear if you really want to do it right. I absolutely hate dots on sights ! Your focus is drawn to the dot rather than the top of the front sight. I have seen many guns where if dots are aligned the. Front sight is rather high or low in the rear notch resulting in high or low groups. For in close shooting ( where sights are almost not required quick sight pics using the dot are ok but go a little further out in range and aligning dots will often result in groups high low or sloppy. I use 10-8 plain black front and rear myself on both glocks and 1911's