Quoted: I would suggest buying the basic gun and fixing it up yourself. You'll be sure of what you're getting and you'll still have the option of modifying it to fit your needs. You eliminate the possibility of getting hosed on an online auction, and you'll get the satisfaction of having a completely customized firearm. You might pay more in the long run, but at least you'll have a good foundation to work off of. My $.02
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+1
I bought (13 days ago) a SA "Mil spec" (Nothing really mil spec about it in ANYONE's armed forces) .45 with the FULL intention of building a race gun. I think about it this way, it will be built so EXACTLY the way I want it, nothing "out of the box" in a "loaded" 1911 will be completely suitable for my preferences. I really think this is the way to go, and, who doesn't love a good project?
Splitfire75 hits the nail on the head, although if you do actually pay MORE, I doubt seriously it will be all that much more. You may even pay LESS! Check out the Do-it-yourself subforums of some 1911 forums mush like arfcom, such as 1911forum.com and pistolsmith.com. HOWEVER, HK940 brings up another very good point, unless you KNOW what you are doing, a good PISTOLSMITH will make the difference between joy-v- grief. But, don't be afraid to learn how to do these things either. If you don't mind sending your pistol out to be worked on, Winsol combat does great pistol smithing, whilst pricey, their work is SUPURB.
Below is the barebones SA mil spec 1911 I picked up a few days ago. Sometime in the furture, I will post pix of the finished project.
Serial number blurred in the image for my security.
Edited to add a lil more info.