If new, $500 is indeed a good (OK great) price. I usually see them in $800 range, give or take.
Para's for the most part have a ramped barrel which most 1911's don't have. Some like them some don't. I don't care one way or the other as long as they work. You didn't mention if your SSP was a PXT version. If it is a PXT it would have Para's proprietary extractor. It is bigger and supposed to be better/stronger than the standard 1911 extractor which is often a trouble spot for 1911's. I have heard some complain about Para's magazines not being very good and would probably look to them as the most likely source of problems. I would certainly try a few different magazines and a bunch more rounds before looking for a gunsmith.
The recommendation for 1911 break in is usually 230 grain, standard pressure, ball ammunition (assuming you have a .45 ACP version of course). It is what the pistol was designed for and what usually feeds the best. If it doesn't feed that round, typically it is a problem with the pistol/magazine and not with the ammo. You may want to run a couple hundred rounds of 230 grain ball ammo first before concentrating on the hollow-point ammo.
I typically don't use +P ammo and in .45 ACP I usually use ball ammo anyway.