My first handgun was a 1911 as well: a Springfield GI. It's still in it's original configuration, but that's because I've been working on finishing my AR before moving to the next project.
As a first pistol, it may have been more prudent to get a Glock/M&P/XD and spend the rest on mags and ammo, but I shoot a 1911 the best, and it's a platform that I have a great amount of interest in.
A 1911 is supposedly an "aficionado's" pistol, partly because of it's history, partly due to it's wide availability of aftermarket parts, and partly due to some sense of mystique that's grown up around it. In my opinion however, what it boils down to is that you should pay a little bit closer attention to your 1911 (compared to say, a Glock) and learn its ins and outs; meaning, be sure to keep track of the amount of rounds down range, and have some kind of maintenance schedule. Also, feed it with good mags, learn how to clean it right, inspect for wear, and so on, so forth.
With that said, I think a first 1911 (and I'm biased, yes) should be a pretty basic model. If I had my way, there would be a budget-priced, mil-spec 1911-A1 on original tooling, on high quality steel, with no MIM parts or new internal safeties, on the market, but unfortunately there really isn't one (save for a Norinco.) With a basic model though, you realize what you need and don't need; on the GI, for example, my priorities are sights and a beaver tail (web of my hand bleeds from a really high grip. It's not hammer bite, per sae, but the sharp, low angle of the grip safety.) Then trigger, reliability package, and new internals.
The real answer, I think is to analyze what you are using the pistol for, and then go out and see if you can try out as many on your list as possible. These guys have made the list for you already: Springfield Loaded, Mil-Spec, Colt series-70, etc.
Also, when you get one, suppress the urge to modify every little bit on the gun and just shoot the crap out of it first. The best use of money is good training and practice.