I have been down this road. A couple of suggestions - Practice a lot. It's the indian, not the arrow. Holding the 9 ring (5.5") on a B-8 target at 25yards is a reasonable goal and should score enough points to get near the Master classification. Holding the 10 ring (3.3") is challenging. Try to find a Springfield Armory 1911 with adjustable sights. SA 1911s are a great base to build a bullseye competition pistol. You will have to use lighter recoil springs if you are making target loads. Finding a bullet that likes your barrel and a powder that likes that bullet will go a longer ways towards smaller groups than a ton of upgrades. Well, that and lots of practice.I’ve been looking around for an entry level pistol to use for target shooting to cover the requirement of a 45 caliber. I’d like to keep price below $750 if possible. I’ve checked out some Girsan and RIA target models but haven’t really jumped on anything.
The reason I suggest Springfield 1911s is that they are usually well made, don't require proprietary parts to do upgrades and generally have decent triggers out of the box. Plus, the better 1911/22 conversions work on SA frames.
2 upgrades worth doing down the road, a trigger job and fitted bushing, combined with LOTS of practice would be the next step. Match barrels are nice when you are searching for the Xring.
Spend some time at the Bullseye-L forum. Lots of good insight there. It's easy to get stuck in the money trap of competition/bullseye pistols which, IMO, doesn't need to be done to be a good bullseye shooter. A decent trigger, sights that work for you and ammo the barrel likes and lots of practice goes a lot further than expensive pistols.
If I haven't mentioned it - Practice a lot.