I bought one of the Lipsey's flat-tops in 45 convertible, I absolutely love it, and it hits! I haven't had the chance to work up a load for it yet, but I betting it is cable of 1" groups at 25 yards. I'm a cast boolit shooter, and this gun shoots lead very well, for whatever reason, and I'm not sure why, the barrel just doesn't lead, even around the forcing cone.
If you reload, you know .45 ACP cases are like 100 times more available than .45 Colt, and about 1/2 the price. Same for the loaded ammo, I really don't know how the cowboy shooters do it these days.
Anyway, I really like mine, and having the ACP option is icing on the cake. Ask any Model 25 shooter how they like theirs.
Have fun.
Dave