I had my Norc two-tone GM given a 'Norinco prep' makeover at Armco. It cost about $150 [prob. a bit more now] but the trigger is quite decent and it shoots very well. Now I'm looking at get some better sights put on it, and that will cost me $200-300 by the time it's done. So the total cost of my 'custom Norc' will equal that of a lower-end Ruger or Remington 1911. Worth it? I'm satisfied with the process, but all I want is a decent, basic 1911 for casual shooting.
If you're going to start putting bells and whistles on it [ambi safety, beavertail etc.] the cost will keep climbing and you'll put a lot of time and effort into the job. If you do the work yourself, you risk creating more problems than you can fix yourself...remember, you can't swap around 1911 parts the way you can with a Glock or other modern handguns.
IMHO, wait until you know exactly [or as close as possible] what it is you want while saving your money. Don't buy a fancied-up modded pistol unless you perceive a practical need for the modifications. Keep researching until you know the difference between fancy mods and good quality, useful upgrades. You can spend thousands on really cool-looking competition guns and specialized 'tactical' carry guns, that won't end up being any more fun to shoot than a decent stock [or lightly modded like mine] pistol. If you want to learn to tinker with your 1911 yourself, get your videos and tools and, if possible, a mentor who knows what he's doing....then get a cheap 1911 like a Norc to play with.
All my opinion, but if you are really looking for a keeper, that's the path I would follow.
