I'm kind of amazed how many replies to this guys thread seem to be way out in left field, with out any clue about the pistol he's talking about.
Here's a review of it at Gunblast...
http://www.gunblast.com/Firestorm-1911Deluxe.htm
For what it's worth, it get's a pretty good review, and I'll bet ya a cup of coffee that the problem is not the pistol at all.
The rear sight is not a Novak (though it has the wedge styling made famous by Novak) nor is it mounted with a Novak cut. Nor does ths slide have a Bomar cut.
My experience is not the most extensive in the world, but here's my 2 cents.... worth exactly what you paid for it....
Fixed 3-dot sights are "combat sights" and the correct sight picture is to "put the dot on the spot"... so forget about the 6 o'clock hold business and you've solved the "shoots low" issue.
Personally, I would not blame the hardware for shooting 1" left, unless I put the gun into the hands of a VERY experienced shooter who can shoot one hole groups, and he produced the same 1" left results.
I believe the OP mentioned that this is his first handgun..... and good for him. I wish my first handgun was as nice. I suspect that what he's finding out is that shooting handguns accurately is not as easy as video games and the internet commandos make it out to be.
Bad technique, no matter how much you practice it, won't produce good results. So get some sound instruction on good technique. Here's a good primer from a guy who knows something to get you started...
http://www.backwoodshome.com/articles2/ayoob85.html
Read it and do everything he says.... you should see some improvement.
The best thing however, is to find that "VERY experienced shooter who can shoot one hole groups" I mentioned earlier and have him watch you shoot and give you some pointers.
I was fortunate enough to stumble accross the firearms instructor for the local nuke plant security force at the range one day. He watched me shoot two mags and in 15 minutes I realized more improvement that the previous 10 range trips practicing on my own.
Mas covers the fundametals well in the article I linked.
Stance... grip... front sight... smoothe trigger pull...
Absorb them into your brain and concentrate on those basics. Recite them to yourself while at the range and try to slow your breathing.
It's not easy. But it's not impossible either.
Keep at it and it will come. You'll have some real personal satisfaction when it does.