I started with a SA Milspec (not WWI version) b/c it was relatively cheap and no one makes a 1911 exactly like I want anyway. I could spend 2500 and still have to swap parts.
you need to find out if you want...
a flat or arched mainspring housing (changes grip angle)
a long or short trigger (depends on the length of your fingers)
target or novak style sights (I personally don't like target sights for some reason)
grip safety with a bump or not (changes grip angle slightly and changes the feel of the grip as well)
ambi safety (if your right handed and do not intend to use this gun for defense then it is not neccessary)
extended safety or GI style safety (many compete with the extended)
beveled magwell or extended and beveled magwell (I wouldn't compete without at least a beveled frame magwell)
checkered front strap? (improves grip)
undercut trigger guard? (gives you a higher and firmer grip IMO)
front cocking serrations? (some people would never put their hands so close to the muzzle, not to mention they are useles after a magazine is fired)
Beavertail or GI style grip safety? (most people compete with the beavertail but that's not a neccessity)
most importantly is can you hold a double stack comfortably? If so and you don't plan on competing in a class that prohibits them (or limits the magazine loading capacity) then you should defintely go that route. 38 supers hold more rounds than a 45acp. Less reloads = faster times = better scores. I can't get comfortable with a double stack so I stick with the skinny version.
It all starts when you grab a 1911 and get "that feeling" like it's and extension of your arm. One may look the same on 1st glance but it won't give you that feeling. See what is different, is it the trigger length? MSH? grip safety? Then grab others that are similar but a bit different in one way. It took me awhile (six 1911's and almost 2 years) to find out what it was that I really wanted. If you study and fondle a bunch of em then you won't have that expensive (and terribly fun) learning curve.
Personally, I like a undercut trigger guard, checkered front strap, flat MSH, extra long trigger (caspian trik), ambi extended safety (les baer), novak style sights, beveled frame magwell (cuz I carry my IPSC gun and the extended magwell prints too much) and a grip safety with no bump. A gun set up like that at anything under 10 yards needs no sights because it points correctly for me. I can close my eyes and draw and I will always be pointed where I planned to before I closed my eyes. When I grab my milspec (now that I've replaced a few parts) it feels like it's welded to my hand.
Of course, build quality trumps any of the optional featues I listed above. But like I said, don't spend all of your cash to get a gun that doesn't fit you. Then you'll have hundreds of dollars in parts to make it what you wanted to begin with. As long as you get a reputable brand, you'll be happy with the reliability. Don't be scared of Kimbers if they make the one that fits you. I've only had one but it worked "just as good" (read: better) as some of the more expensive ones I've had. YMMV
Hope this helps.