Thank you guys for digging up this old post, painful though the experience ended up being. I needed a little salt in my wounds after this one
Seriously though, when I first started this post, I was very excited after having spoken with a parts lady who told me that Taurus does indeed stock an adjustable rear sight for the PT1911.
I should have known better. What they sent me was
windage adustable (even though I clearly stated that I was looking for an
elevation adjustable sight). Then Taurus and I talked again, and they sent me another sight. This one was for their illuminated rear sight, also not elevation adjustable, and also missing the illuminating inserts

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Then I called again, all three times I was very nice. After the last conversation, the parts rep basically told me that I was an idiot, and I should have known that they didn't make an elevation adjustable sight (the same lady that said that they did make one).
Well, I'm no idiot, so I generally don't buy Taurus products anymore.
That said, my PT 1911 is a great weapon. It is accurate, and definitely worth the money, though it is no Springfield Trophy Match (I have other posts comparing the two guns).