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So long as its for oneself and does not enter into the stream of commerce, yes, it is legal to build one from scratch.
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This is incorrect. The only regulated part of a 1911 is the receiver, and there is a small market out there for "80%" receivers. As long as you perform the final 20 percent of the work, you can purchase a partially-completed 1911 receiver and finish it off yourself. Exactly the same as 80% AR lower receivers. All other parts for the 1911 can be bought in finished form, or you can make them yourself if you're masochistic.
No serial number is required but, as noted above, the BATFE "recommends" that you put one on. And a home-built 1911 CAN enter the "stream of commerce." You can't make it with the intent of selling it, but if you make it this year and five years from now find that you're not using it and don't have any further interest in it -- you can sell it. And you can give it away or bequeath it to someone in your will.