I'm a 1911 virgin and still confused by all the options.
Bull barrel vs bushing?
Bull is the norm with shorter 1911's. 4-5" 1911's seem to be ruled by Bushings. I really don't have an opinion other than never go shorter than 4" with a bushing.
Match grade... is this marketing, or does it mean something?
Marketing mostly. But a properly fit Barsto barrel means something.
Full length guide rod?
Puts more weight out front for less recoil, but increases swing weight slowing target to target transitions. I wouldn't worry about it. But I do prefer the short GI guide rods, even though it seems odd to me not having a guide for the spring.
Adjustable sights vs fixed?
Fixed. Adjustable sights are nearly useless to me, and fragile. I use adjustable sights only on toy pistols. And for competitions, I decided to only use CCW worthy weapons as comps can be good practice and experience.
Long-pull vs short-pull trigger?
I have long hands. I prefer a longer trigger shoe, maybe even a long flat trigger shoe.
Sear and hammer design?
Wilson makes my favorite ignition parts. But get their best stuff, not Wilsons low end MIM crap. Ed Brown also has nice parts. Whatever is in my 2010 Dan Wesson Valor is quite nice as well, but I have no idea where DW gets the Valor's guts.
Forged?
Frame and slide should allways be forged. Anything less is cost cutting shortcuts. I don't play that game. Build it right or go away.
ETC?
Looking for a 1911 eh? Other key mods/items of interest:
-there are different styles of frame cuts for grip safeties. High tang forward type grip safeties like the excelent Ed Brown grip safety allow you to have a better more aggresive grip for less recoil and flip. But they are also less comfortable than a regular beaver tail grip safety like on a Kimber.
Grip safeties also need sensitized so you can shoot from the retention position with a weak grip and possible way too high thumb position. Out of the box many shooters have problems with the grip safety blocking the trigger on rushed draws. It's a easy fix with a Arkansas stone.
-Sights. What worked well 10 years ago is not cutting edge tech today. 3 dot is fine, obsolete, but fine. Solid rear, tritium front for night, or fibreoptic front for day use are whats working best right now for many. Not too many 1911's come with this setup.......yet.
Wide rear notch, narrow front works best for me. I also like a vertical leading edge on the rear sight for one handed racking by shoving the sight into the edge of my kydex holster. Not a great thing to do to fragile adjustable sights.
-Thumb safety. Should feel natural and fit your hand and intended style of carry. If you have to get the dremel out, so be it. If you have to order an aftermarket safety, cut it to fit your thumb, and then have a 'smith fit it to your gun....so be it. Get this detail done right! It's not unusual for me to have more than one thumb safety fit to my 1911's so that I can choose the one that fits my mission the best that day.
-Grips. VZ rules for a combat oriented gun that requires a sharp grippy surface. Alumagrips are nice for CCW as they are smoother. Smooth wood grips from the Finer Grain (Sarges grips) are great comfort on longer range days.
-Smooth un checkered front straps are not allways a cost cutting measure. Some people prefere skater tape over checkering. I prefere 25 lpi checkering overall, but more fragile 30lpi is more comfortable and easier on shirts.
-Magazines. Tripp Cobra or Wilson EDM.
-fit. More expensive 1911's have a greater attention to detail. A reliable 1911 deosn't allways require alot of fitting attention, but that attention to detail cuts down on mistakes. Some SF 1911's appear to be assembled by someone who must have been blind, to have missed some obviuos CNC flaws. QC matters and is worth paying for.
-Monolithic frames. Heavy, less flip and recoil. Very cool once you're used to them. Greater swing weight though. Not IDPA legal. Look completely bad a55.
-Hardhat, Melonite metal treatments. Similar to Glocks tenifer. Only black instead of light gray. Strong, scratch resistant, rust resistant, and hard. But expensive. Best on good quality steel parts.
ION bond is an very good bonded coating. It's expensive as well but can go on just about anything.
-Thick front bushings. Ever see a bushing snap and fail? I also like it when the bushing, barrel, and recoil spring plug are nice and flush. On the same equal plane. Smoothed and fitted to each other is even better. Really improves the look of the 1911.
Les Baer and Colt have a real hard time getting this right. Someone stole all of thier straight edges from the factory. Nothing looks worse than a recoil spring bushing that's 1mm+ shorter than the bushing.
On the other hand, if a plain jane GI 1911 works fine for you, that's perfectly fine. Just be aware that there may be better options available.