Were I you and the pistol functions fine after break in of 2-400 rounds, it would be tempting to leave it alone. Reliability, reliability- thats what the 1911 is for- that and "knock-down". Good 8 round mags, Brown or Wilson, maybe different grips. As far as the sights go at closer ranges or in fast firing, who uses them?? Personally I have always preferred the arched housing too. And one could throat and polish the feed ramp and clean up the trigger. I have always preferred using ball ammo for reliability, altho the newer 230 "ball-shaped" JHPs seem to work real well.
BTW, isnt the one in your pic the Springer GI model? I just bought what was sold to me as a "mil-spec" and the sights and stock grips are different.
Either way you have got a nice pistol there, one to be proud of IMHO. Enjoy!