The OP’s gun looks nice.
My first 1911 is Mk IV Series 70. It is a great pistol. I have no cost expectation except that high end Colt 1911’s will be less than the premium 1911’s. Also, a used Colt Mark IV, Series 70 will shoot better than the economy class 1911’s.
I prefer Pachmyr grips so that is what I use on my 1911’s.
I liked the collet bushing but it’s life was limited. One of mine broke a finger off the bushing which jammed the gun. Get rid of a collet bushing and fit a solid bushing.
I ultimately installed a 38/45 Clerke barrel in the gun. It shoots well in its new service.
The barrel from the Mk IV, Series 70 barrel eventually got installed in an Auto-Ordinance 1911 and the accuracy greatly improved. The Colt barrel had about 3000 rounds through it.
The frame of the Mk IV, Series 70 sufferd a crack in the frame where the dust shield meets the frame. I’ve installed a 22RF slide on the frame and it works well without putting heavy stress on the frame.
Anyway, I’m an 1911 junky. I have 1911’s chambered in 45 ACP, 40 S&W, 357 SIG, 38 Super, 38 Special, 38/45!Clerke, 9x19 and 22 RF