First, get Jerry Kuhnhausen's shop manual book on the 1911. Then READ it front to back as if you want to memorize it. Then decide.
Second, if you decide to go ahead with the project I would consider CASPIAN Arms stuff. I relay the name not from first hand experience with their porduct but from the extensive variety of work that can be ordered done for you. Ready to go. Sight cuts, checkering, alloys etc. This is the way I was going to go for my 2nd big name 1911 project until every gun maker (IE Les Baer, Kimber, S&W, Sprinfield etc.) started making 1911's just the way I pictured my desires to look like. It became hard to justify spending lots extra when I can just order one from a catalog.
I know that is not the real meaning of doing it yourself but my wallet did get in the way.
My first exercises with a 1911 came when I sent off a Colt series 80 Combat Gov. to several different guys for work. It was worked on by Les Baer (when he had his own shop outside of Allentown PA), Wayne Novacs shop, Evolution Gun Works, and two others that escape my gray matter right now. Sometimes to change things that didn't turn out the way I thought it would work.
An example: A Commander ejector was installed and broke shortly thereafter. The Smith replaced it free under a warranty. Then the next stop was Les Baer. I drove an hour to his shop on a Saturday. (A cleaner workshop I've never seen before or since.) What a nice and pleasant afternoon lesson in 1911's that was. Result was the Commander ejecter was an uneducated choice. He didn't recommed them due to safety concerns on an unfired cartridge being retracted by slide for unloading and it sticking primers. And so mine was reshaped. Let me say all work by all these smiths was top notch. I think I spent over $1500 extra 1986 era bucks above the cost of gun (and lets not forget the long return waiting times) and now it looks like what Kimber sell for under $1000
But it is mine and so, I guess, you should have yours too. That's what pride in custom guns gets you.
My 2 cents.
GO FOR IT.