The above advice is correct, so I'll boot in an additional word or two:
1) you're in the revolver forum, and a lot of these guys wouldn't know what a Sistema Colt is if it landed on their foot.
2) I'd hold off a bit on modifying it. The Sistemas, while never as desirable as Colts of that vintage will be, are interesting. If yours is near stock, I'd almost suggest keeping it that way. Especially if yours is pre-War. With the trend towards spiraling costs of unmodified Colts, Sistemas will get dragged up eventually if in stock form, and already have. They have doubled in value in the last six years or so.
3) The basic tang safety just isn't that bad. I have several 1911s, most with high-ride beavertail safeties. I recently bought an unmolested, real-deal Colt Series 70. Shooting it is every bit as much fun as my more expensive and modified custom Caspians. The GI sights are a little bit of a pain, but the tang safety is not a complaint. All I do is not ride my right thumb over the slide safety as we were all taught to do in the '80s to copy the IPSC/IDPA competitors. Just use a normal grip and it's fine. Muzzle flip is just not that much worse, unless you are trying to hit six speed plates in a row timed. And you shouldn't be using a Sistema for that (see below).
4) of course, if your Sistema is already modified and gussied up, do what you want with it. But nice "pre-Series 70" (which the Sistemas are) are just fine for shooting and are real Colt copies on their machinery.
5) If your goal is to build a tighter, more competitive gun, keep in mind that the steel in Sistemas is softer, and with heavy use going to wear faster and defeat much of your investment in customizing much faster than if built on a Colt, Caspian, or even Norinco base.
So, my general opinion is to resist the temptation to "trick out" a Sistema and instead to just enjoy a "pre-70" colt the way JMB intended (except for those silly 1923 mods, of course).