as far as mods go, shoot it a few times in competition first and then see what you would like to add on after. On my 1911's i chose to extend the mag release, added a magwell on my kimber, had the trigger worked a bit, and also had the feed ramp polished for more reliable loading.
Break in i think is recommended at 200 rounds. But it should work great right out of the box. Buy Wilson Combat mags with the extended floorplate. You'll need atleast 3. They are the most reliable mags out there. And the gun should run perfect then. I have heard to keep a 1911 a little more lubed up during break in.