There are several things I always swap when I aquire a 1911 pistol of unknown usage. First off, order some replacement springs from a reputable source, Wilson, Wolf, Clark, Ed Brown, etc. Get a new recoil spring, mainspring, sear spring, maybe a plunger spring, maybe a mag catch spring. Next, order a new hammer and sear combo that is already prepped (Chip McCormick, Wilson, Ed brown), Because you don't know how much this pistol has been dry-fired, or shot! If you know a good 1911 gunsmith, order a new match barrel bushing at the same time. Tear down the pistol, give it a good cleaning, get the lead out of the barrel if there is any, and reassemble with the new springs, hammer, sear, and tighter, gunsmith fitted barrel bushing. Already you've got a much more reliable, probably more accurate pistol.
Next, get you those 3 new magazines, they are the best insurance to a problem free pistol. Get Chip McCormick shooting star's if you like the flush fitting mags without pads, or if you want a little extended look get the Chip McCormick power mags or Wilson #47D, 47C's, depending on the finish. These are the best mags on the market , and will feed about any ammo without a hitch.
Next, decide if you like the current grip and feel of the pistol. If you want a looser feel, go with a nice set of smooth wood, or maybe even some of the slimmer grips that are offered. If you like a more positive grip, go with more checkering, either in some pretty wood or my personal favorite, the Pachmayr checkered combat grips in rubber. These are my hands down favorite for a positive grip every time you grip the gun, and most people that try them fall in love with them.
When you get that much accomplished, you'll have a dependable, reliable probably already accurate pistol that you wouldn't hesitate to stake your life on. Then you can decide if anything else needs tweaking or replaced to gain any extra accuracy or function. Often times the standard sights are adequate if you find the ammo that the gun prefers, try different makes and bullet weights of ammo and you may find that the pistol with a clean barrel, new springs, crisp trigger, and a comfortable grip is a fine shooter! If not, you start from there and piece by piece, whatever is needed, sights, barrel, extractor, safeties, etc. replaced, that commander can and will turn into a fine shooter-
Hope this helps--
Safari