I have a couple of parts guns myself. Properly done, they serve just fine. Wouldn't hurt to have it checked out by a gunsmith or a trusted friend that is knowledgeable of 1911s. Sometimes these hybrids have issues due to poor smithing that might elude someone with less familiarity with the platform. General rule: I stay away from pistols that have been home smithed or have major modifications. The one you're looking at may be a real jewel, but I'd check it out to be sure.
Good Luck!
Savage