Also, yes red dot scopes are widely used. You can shoot open sights if you want to but most don't. Save your money on comping your .45. You just need to shoot light loads. 230 grain factory ammo is hot compared to what Bullseye shooters use. We shoot either 185gr LSWC or 200gr LSWC. They make very clean holes in the target that are easier to score.
Standard velocity is all that is need for the .22 match if your gun will cycle with it.
I mentioned my spotting scope earlier. You can use binoculars if you wish. It's hard to see those little holes at 50yds.
Good luck to you and have fun!