while i'm far from the 1911 expert on this forum, i think the first thing here is that $1000 is not high-end or "custom" for a 1911. for instance, my dan wesson CBOB came in just under that. while it's very nice, it's not custom in the vein of a les bear, wilson, or nighthawk.
$1000 is ballpark for DW, colt, springfield, and kimber (depending on model, of course). true custom is at least a couple hundred more than that, if not a grand or two more.
to answer the actual question, YES a $1000 1911 should feed hollowpoints reliably. mine does, and i would certainly not keep it if it didn't.
$0.02