My wife's full-size Kimber stainless target has had the same skateboard tape on it since 2001. It isn't shot that often and probably only has 4000 or 5000 rounds through it. It has probably been through 30 or 40 cleanings since the tape was applied. As a general rule, I don't spray any oils or solvents on that part of the gun and so it hasn't suffered as a result.
If you are thinking of applying it on a 1911, depending on the maker, we have found that the best way to apply it is with a strip that is as wide as a nickle or a quarter where the top and bottom end of the tape is cut in the circumference of the coin so that there are no corners to peel up. Do not try to hold the tape in place by having it under your grips. That isn't good for the grips, but I have seen folks do it.
FYI, we found 3M tape to be the good stuff (versus off brands), but I understand there is an even better version, a marine variety, made for use on boats. It may cost several times as much, but that will still be hugely cheaper than checkering.
I have paid to have one gun checkered and never will again. A 10 cent piece of tape does the job quite will, can be removed, and can be shaped as need. Depending on where you buy, you might pay as little as a buck or two for a section of grip tape or $8-10 for a small roll (1" wide), leaving you plenty of extra. Even buying the roll, the expense is really neglible to the cost of checkering.
Currently, we have grip tape on 3 1911s and 1 Browning Hi Power.