I've done it: twice. Once as a practice thing and another time as a full-on target [non-carry, range use ONLY] pistol.
No savings. You do it because you can or you want to learn how. You can buy a reliable 1911 for less than you spend on the parts.
My frame and slide for my 'race gun' cost me around $800, counting having the frame lapped to the slide [caspian on both]. You can get a RIA Tactical that works decently [I actually love mine for a 'carry 1911' or truck gun] for that and still have money left over for overpriced .45acp ammo.
When I was done, my 1911 probably ran into the range of at least $1500, and I have only cold blued it: no final finish installed.
You can buy many Springfields or Kimbers [I like Kimber also, but understand some have had issues] in the $1200 range that will work JUST as well as my expensive one.
My 'other one' cost me about $600 in parts so far [ I think: I'm guessing and I think I'm guessing low], not counting the frame or the finish to the frame. The frame was a fully functioning Sistema I had hard chromed. The only 'original' parts on it now are the frame, MSH and plunger tube. I've changed EVERYTHING else. The Sistema was about $400 [after tax and DROS] when I bought it, so around $1000, for something that fires as good as a $1000 pistol. I could get a Springfield or Kimber for the same price that works about as well.
HOWEVER, I KNOW the quality of all of the parts, as I picked them and fitted them. My $1000 Sistema has a LOT of EGW parts [except extractor, trigger and MSH]. My Caspian is Ed Brown, except trigger and grip safety [CMC and Wilson]. They work GREAT, are very accurate, feel great in my hand, and I DID THEM.
HOWEVER, There was NO savings of money involved. AND, if I had to sell one, I'd NEVER get my investment back, as I installed the stuff: not a professional gunsmith with a reputation.
You don't build a 1911 to save money, in my opinion. You build it because you want to, you can, and you want something that YOU made.
I'll tell you this though: fitting the sear on a 1911 is a lot easier for me that fitting the sear on my Browning Hi Powers!
The AR15 I built [and sold] was a SNAP compared to the 1911.
If you want reliable and no hassle: buy a new gun with a warrenty. If you want the fun of the project and to learn, then a 1911 can be fun.
Just be sure to follow all safety precautions when fitting the sear and test firing. Follow Kuhnhausen. Read on m1911.org Learn some serious skills.
Oh, and I didn't count jigs, stones and fixtures in the cost of those guns.
I didn't save a CENT: I just made it myself. My RIA Tactical and Kimber Compact II work almost as well without any messing with them.
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