You say it's in perhaps 65% condition yet all you mention is the "sights Suck" what needs work other than the sights ?
Does it have pitting or is the finish peeling ?
When it comes to getting a 1911 in the 5-$600 range it wont be a new Colt , and if you want a new forged gun it would have to be a Taurus in that price range .
You could get a cast Armscor/RIA which is a fine gun under your estimated range but even I would laugh at you if you offered me $150 for one of my Armscor made Charles Daly's .
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