So far, I have built 3 1911's from the ground up, and worked on quite a few others. Here is what I have learned so far:
1. Get reference material.
To put it simply, you cannot have too much reference material, especially the Kuhnhausen books. They are worth their weight in gold. Read them, study them, absorb them--BEFORE you touch that frame, slide, or assorted parts.
2. Select quality parts for your build.
As John Ruskin said (kind of paraphrased here), you can either buy cheap many times, or quality once. If you buy quality the first time, you will save money over the times you have to re-buy the cheap parts.
Springfield Armory has good quality parts. So do the other makers. But, for overall good quality, I would drop the paper on Caspian machined parts for the frame and slide.
For the barrel, I would highly recommend (for a minimum of work) a good Storm Lake barrel. They have an excellent reputation, and are almost drop in. If you buy another quality barrel, you might also have to invest in reamers to cut the chamber to final dimensions.
For springs, there is only one choice in my book--Wolff. Get these and enjoy!
IMHO, you are right on the money with choosing a dovetail front sight.
3. Ask questions.
LOTS of questions. There are some premier pistolsmiths on this and other boards, and they will all be able to help you along. Many of us have also smithed our own guns, and we are willing to help.
4. The most important part, by far-----
PATIENCE!!!!! It is FAR too easy to get impatient, start hogging out metal and find yourself in a jam. (Please don't ask me how I know...
)
Take your time. Measure two or three times carefully before you cut or remove ANY metal. Check your dimensions frequently as you go along.
When you get close to your dimensions, transition to a stone for final removal.
5. Get quality tools!
Brownell's has all the tools you will ever want...or need...or have to have to build your pistol. Here are some of the tools I have used (most from Brownell's) that will make life a LOT easier. Included are reference materials.
BOOKS:
The Shop Manuals from Kuhnhausen
Amateur Gun Crafting, Griffin Howe
The Book of the .45, Bill Wilson
NRA Parts Diagrams
Pistolsmithing, George Nonte
MEASURING TOOLS:
Machinist's scale
Dial caliper
METAL REMOVAL
8 and 12 inch mill file
12 file set, small Swiss pattern files
6 file set, Swiss pattern files
File card
STONES
FF46 India stone
Ceramic stone set
Hard Arkansas stone
(NOTE: all stones are 1/2 x 1/2 x 6)
EXPENDABLE SUPPLIES:
Lubrication oil, clear
Honing oil
JB Compound
JB Bore Bright
Simichrome Polish
Duct tape
Chalk (for files)
Layout fluid/Dykem Blue
Loctite (Blue)
FITTING AND SPECIALIZED TOOLS:
Sear and hammer jigs
Lug cutter
Slide "pusher"
Beavertail safety jig
Bench block
Hammer, 8 ounce, ball pein
Hammer, hard plastic
Hammer, soft rubber
Punches, drift, assorted sizes
Punches, pin, assorted sizes
Broaches
Pin vise
Plastic GI toothbrushes
Brushes, soft bristle
Screwdriver set (available from Brownell's, and HIGHLY recommended) with short and long shafts
Non-skid mat
Safety glasses
Apron
A good, quality vise, with padded jaws.
Hope all of this helps. Good luck, and remember...ask questions!