If it is the full size, about 60% of the parts are interchangeable or can be with some 'smith work.
If it is the compact or sub compact... that percent goes down drastically. Dad and I bought two Llama Max-I (full) and Llama MiniMax (compact). Mine stopped shooting about 50rds in, but was slightly accurate. Dad's shot all over the place, but fed ok.
We both got rid of them, at a big loss and now I am shooting a used Para Ord P14 for less than the price of both of those hunks of metal.
I wouldn't waste too much time/money on that gun. Infact, if you want an inexpensive 1911, sell/trade it for a new RIA (~350$), new Springer GI (~400$), used Para (~550-650). FWIW, on the RIA I have heard mixed reviews.
Check out
www.m1911.org they have a whole area dedicated to the Llama. There are some Llama owners that have done some things to get them to work also.