(sigh)
I'll try.
First things first, you need a reference book on the 1911 platform. IMO this is the best one ever printed:
http://www.amazon.com/Colt-45-autom...OLP0/ref=sr_1_3?ie=UTF8&qid=1301500646&sr=8-3
Maybe more contemporary folks over on 1911forum.com can recommend something still in print. Buy a pack of A-Zoom snap caps while waiting on your book.
You'll be well served by knowing how to completely dismantle, clean and inspect the entire gun. I'd suggest at least a gunsmithing screwdriver (the best fit for the grip screws, yes?) and a brass punch to remove the mainspring housing to prevent damaging the pin or the frame.
With the basic field strip you've done, inspect the extractor and ejector for wear; look at the breech for any signs of brass smearing (someone using overpressure loads) on the steel, look for a clean, uniform tip on the firing pin in a clean, round hole in the breech face.
On the barrel, soak it overnight in Hoppes and then clean it until you can clearly see the lands and edges in the rifling. Be patient, spend extra time using a copper solvent if becesary - but please, try and leave the steel bore brush alone. You're looking for rust, nicks in the rifling, scratches (indicators of a sandy round or some such, stored in a humid environment, etc).
I use Birchwood Casey Gun Scrubber in the large can. Hose the stripped components and scrub with an old toothbrush. Be in a well-ventilated area, please?
Use just a couple drops of ordinary gun oil (total) on the slide and frame rails, and give the barrel bushing a swipe with the wet Q-tip before doing the same for the lugs on the top of the barel and their corresponding points inside the slide. Use a toothpick to ensure the firing pin moves freely inside the slide assembly. No binding or grit? Good.
Load two snap caps into the magazine and cycle the slide. Engage the thumb safety, but
don't engage the grip safety. Using little more than moderate pressure, see if the hammer will fall when the trigger is pressed. No? Good. Disengage the thumb safety and repeat the test without engaging the grip safety.
Grip the gun in a normal firing position and disengage the thumb safety. Patiently, gently apply pressure to the trigger, sensing any trigger creep, lurching, etc. The hammer should fall around 4-6 pounds unless it's been modified, and the trigger release of the sear should be a complete surprise.
Cycle the slide with some enthusiasm to validate the correct function of extractor and ejector. Examine the clean snap cap for any nicks in the rim, scratches in the wall of the case and nose of the red aluminum. Look to see that the polymer insert in the primer pocket has a centered strike (it may be difficult to see with just one pin strike).
Repeat the test above. When the slide is cycled this time, verify the slide locks open, and verify the mag release button doesn't bind when operated.
This should be enough to get you started. Get reputable, well-qualified, professional instruction into the basics of the draw, range safety, and see if you can get lucky enough to have that individual be a 1911 addict. When in doubt about anyone's credentials, trust your gut. Avoid shade-tree gunsmiths.
Looks like you have a sweet shooter. Field strip and clean it after every trip to the range and detail strip, clean and inspect it at least every quarter.
I recommend either:
http://www.slip2000.com/
or
http://militec.com/
Have fun, slow down and keep us informed, okay?