I would recommend a Springfield Armory GI model if you want absolutely no frills but still a high quality firearm. If that is still above your price range look into the RIA/Armscor 1911 from overseas.
-EdInk
P.S. I prefer my guns to be pretty basic too. However, I found the GI sights a little too small for my taste. I went with a Springfield Armory Mil Spec model. It is pretty no frills other than having fixed 3-dot sights and a flared ejection port. Also, it has the arched MSH which I prefer over a flat MSH. You may want to look into this model as well.
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