I'll dissent. I'd be likely to pass on that gun, since it is someone else's Frankengun/contraption with an unknown history and unknown quality of workmanship. You might be getting a bargain, but you might be buying someone else's headache/basket case.

The same price will get you a Springfield GI model (give or take) if you just want an example. Not my favorite brand, but workable.

If you are willing to pay a bit more, one of the relaunched Colt Series 70 type 1911s of current make might be just what you're after if you want the classic look and want a Colt. Of course an original Series 70 can also be had if you haunt the auction sights.