I'd use the $300 to buy a really top-notch holster and belt for the 1911. A great belt and holster will make that 1911 disappear with almost any style of dress.
Whatever was left would go to spare mags.
After about 50 yards, it does for me. As to the effective range of slugs, if you know the dope (trajectory), hits on a man-sized target are quite easily attained at 200 yards.
My Cerebus made 870 runs with anything, and it's only been given the occasional wipe down. Check your chamber, polish and buff if needed. Not "cleaned to polished perfection" but polish and buff.
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