kevin: I've known of a couple of posters on the Graybeard sites who really like their Norinco 1911s but for what you wish to do with it I would easily second what The Original Ken has advised.
In reading many of your posts, your questions and your responses, you move pretty quickly when it comes to buying what you are thinking about but in this case I might wait for a bit, put some more pennies together and then get something more along the lines of what you wish to have as a final product.
An inexpensive handgun that may show the need for additional refining may give you serious headaches as you go to add aftermarket products such as barrel or caliber conversions, grip safeties, etc. I would hold for a handgun with better finishing as it often means you get a better product, both internally and externally. HTH. Mikey.