Actually, Llama did make some pretty decent handguns, though QC was sometimes a problem. But to your question, I wouldn't buy it, mostly because of the parts issue. For around $100 more, give or take, you should be able to find a Rock Island 1911 that is well made, and takes the same parts as a Colt 1911. Very nice 1911's for the money.
EDIT - You know, on second thought, provided you are looking more for a range toy than a serious use gun, I would offer the seller $275, max $300 OTD. Bring up the parts issue. You might find you like it. If not, in today's market, I am sure you could re-sell it for what you have into it.
Larry