I have a 38 super 1911 and have not done much with it, but can agree with the earlier posts that the ammo can be very hard to find in some areas, and is more expensive, and no one seems to have any of the hi performance defense loads. 9x19 is so much more common and cheaper, and much of the 9x19 out there is loaded hot and steps out about the same as factory 38 super.
I bought some very nice mags from CDNN for a good price; they have several options between $14 and $17 IIRC for blue or stainless high quality mags.
If you need a 9mm barrel, Sarco has a good price on a basic 9x19 barrel. I was thinking of buying one. There are better barrels at higher prices from Barsto and others. I have a 9x19 1911 also and run it with different mags meant for the 9mm. My understanding is you could use 38S mags for a 9x19 but that you would likely have a lot of failures to feed.
I'd like to get some loads that provide some significant advantage over 9x19 but they have been elusive. I think Corbon is the way to go, else handloads. 9x23 is another intriguing idea and MidwayUSA does carry 9x23 ammo. The problem is finding a good barrel at a good price.
Oh - almost forgot to mention 357 Sig. I have done a lot of internet research (so take with a grain of salt) but there is a concern with using in a 1911. 357Sig has a short neck and does not have a great amount of bearing on the bullet. Pressure to the bullet nose can overcome the seal and crimp and push the bullet deeper into the case on any cartridge, but apparently 357 Sig is more vulnerable to this than average. The 1911 design results in the bullet nose riding the feed ramp on the way up an into the chamber. I'm not sure this is as prevalent in a smaller diamer cartridge than 45, but 45 rounds definitely make contact with the ramp. So the concern is that you have a combination of a design that has impact to the bullet nose coupled with a cartridge that is more susceptible than average to bullet set back. I suspect that is why you do not see 1911 barrels in 357 sig. I have looked as I wanted one. Apparently in a Sig or Glock (etc) this is less of a concern.