Lots of good brands out there. Galco, Bianchi, Milt Sparks, Mitch Rosen just to name a few. Holsters can be pretty subjective but any holster from a quality maker will service you well.
As far as concealment, you don't need a special jacket, any jacket and or untucked shirt can help with your concealment. Just remember that you will have to dress around your gun, especially with a 5" 1911. They are pretty easy to conceal, but you will still have to dress around it.
Additionally, more important than the holster is a good leather gun belt. They are not cheap, but they are built to support your gun and holster. A good gun belt is vital to your CCW rig.
Check out
www.thebeltman.net for some good ideas.
As far as holster, my favorite is the Galco Fletch holster.
http://www.usgalco.com/Marketing/Fletch.htm