I just use the iron sights - with reading glasses so I can see the sights and a slightly fuzzy bullseye. I normally use a red dot on bullseye guns but it would be a sin to put one on this gun.

No issue with the extended mag release. I have been using them in competition for 25 years now and never, ever had an accidental mag drop. Even if you were using the gun for CC I doubt you would ever have an issue - the mag release spring in 1911s is pretty stout. BTW my PC1911 will never be used for CCW because the trigger is way too light for that.