I think there are really a few perspectives to consider when deciding what you want. First and foremost is budget and a more in depth understanding of what you want in terms of the gun and who/why does the work. Your goals are typically going to fall somewhere on a two axis spectrum.
Axis 1 really relates to the gun. For instance, a good semi custom gun can be really nice. I've found it a lot less expensive to modify a commercial gun that is close to what I want. My last custom 1911 was a Colt GCNM - all the plastic came out, action job, trigger job, beavertail safety, slightly bigger thumb safety, barrel was fit properly with NM bushing. The gun shoots great for what I do with it. In terms of accuracy, it is almost as accurate to more a more custom 1911 with Kart NM barrel. The other 1911 is '43 Colt USGI frame with a Caspian slide, etc... This second gun was built by the same gunsmith and cost a bit more to build - a lot more fitting was needed. In fact, it probably cost about the same as a Caspian frame & slide build with great parts properly fit from the beginning. On the more expensive end of the spectrum is typically cleaning up a "basic" gun e.g. making a Colt Government Model something really special. From my perspective, in this area Greg Derr's pictures show works of art.
Axis 2 relates to who is doing the work or is named for doing the work. A lot of people really confuse me in this space. Different gunsmiths obviously have different overheads. So Nighthawk is a lot more expensive than a typical local gunsmith. What confuses me about this space is what you get for the significant premium, I want to talk to the person doing the work. If it is going to cost really significant money - I don't want a production approach, it should be somewhat unique for me (within some reason). So to continue picking on Nighthawk - they name retired gunsmiths not doing the actual work and everything is a formula. Who knows who actually did the work - why spend a premium for an unknown person you couldn't even talk to to figure out exactly what you need? I would much rather work with someone like Dave Santurri who will get to know me and help figure out what will work best. Others also fall in to this category to various degrees - e.g. Greg Derr, BEC, Evolution, etc...
In terms of 1911s, a lot of people do really great work. The platform is really developed. In terms of the gun, where do you want to start? In terms of who does it, which approach resonates with you?
With all of that said, You may also want to look at non 1911 custom guns. This is an incredible time to check out other platforms and price points are also really great. Many other platforms are rapidly developing a following. Here are a few examples:
- Traditional Sig's with a Gray Gun's trigger, SRT sear, and an action job are really outstanding
- Langdon is doing eye opening work with Berettas at great prices
- I've heard Cajun can make a CZ eye opening
- Sig Legion X5 actually feels really nice out of the box - especially for the money
Anthony