I don't have a high opinion of cheap 1911s and I love my two Taurus 66s (older six shot ones), but that's very steep. I'd pass on the deal. Buy the gun outright if you want. However, what attracts me to used Taurus revolvers, especially the 66, is the quality and accuracy of the guns and the low resale value. I got my favorite 4" nickeled 66 for 197.50. It's the best deal I have ever made on a revolver, tight, very smooth action and trigger, and accurate in the extreme. It is considerably more accurate than my Security Six OR my M19 were and it has a beefier frame around the forcing cone than the K frame. It looked almost new. I couldn't believe it when I saw it and checked it out with a fine toothed comb looking for the catch, LOL.
My other gun is a 3" blued one, older hammer block design action. It was loose and I talked the guy down to 180 for it by showing him how loose at the crane it was. I recited some of the Taurus bash crap I read on this site, he came down from 200. LOL Turned out, someone but the crane screw (forward frame screw) in the wrong hole and took me a few minutes at home to fix it. I thought I was going to try out Taurus' lifetime warranty, but I didn't have to. It's tight, times perfect, is awesome accurate, and the 3" barrel carries a LOT easier than a 4". Makes a nice IWB carry.
Look around at older ones. You shouldn't have to spend much over 200-250 for one in like new condition. This is what really attracts me to used Taurus 66s, fantastic guns for cheap. I thank all you Smith and Wesson koolaid drinkers for that.
Stainz does have a point about your 1911, though. If you don't like it, might be time to get rid of it. I don't think it's a dollars up good deal, but then, if your cheap 1911 is like both of mine were, beats tossing it in the trash can. LOL I grew to hate 1911s with mine. I sold one at a gun show for cheap (an Auto Ordinance) and my AMT got ripped off and I collected insurance on it, more than it was worth to ME. I wound up getting a Ruger P90 with the money which is a fantastic firearm. I simply don't do 1911s anymore, learned my lessons with 'em.