If I were in the market for a bare bones 1911, then I would get the Springfield Mil-Spec at minimum. You can buy cheaper bottom-barrel 1911s, but you get what you pay for. With Springfield, you at least get a forged frame and slide and some great Customer Service behind it.
If a basic 1911 works for you, then you are off to a great start. Unfortunately, since I've been down the 1911 road before (and am doing it again at present), I know that I need higher profile sights, a beavertail grip safety, slightly extended thumb safety, removal of the internal locking system (Springfield only) and a medium or long reach trigger. I can take care of most of these myself, but if I couldn't, then the price to pay a gunsmith would put me OVER the $800-$900 which could have bought me what I needed from the get-go. At least the Springfield Mil-Spec comes with higher profile sights than a typical USGI model. That puts you a little ahead of the game.
Have you shot a 1911 with a traditional grip safety tang? If so, did ya bleed? If you bled, then you should already be considering that you'll want a beavertail grip safety and a commander hammer to go with it. At that point, you've got the sear-hammer interface to worry about. You can see where this is going...