Just a couple of comments:
E-bay.com, gunsmithing, lots of books you can get real cheap, dunlop and all the boys show up there. check it out. NRA books are very good. Youll find tools there occasionally, but watch the prices. Brownells usually has them just a (cheap) and I use the term (cheap) loosely
Keep an eye out for a lathe and bridgeport if your going to get serious at somepoint in time youll be awishin.
Dont work on a friends gun
Get your FFL ($250.00) and your class 1 permit comes with it so you can sell a little and smith a little, but you gotta have it to do any business....period. Takes about 6 weeks and they will interview you before it is issued. Its a smooth process so might as well do it.
When you take that 1911 apart (without the manual) be careful when you slip the safety latch out of the frame. the spring and pin will go aflyin...so trap it or your first order from brownells will be a new one
LOts of areas to specialize...finishing is fun and you get lots of experience in detailed disassembly. Many different types of processes and lots of info on gettng started. From inexpensive (and beautiful) to expensive initially.
Have at it. its fun