"Mil spec" is more about a set of tolerances and very basic features nowadays.
Today, it means a basic 1911- flat mainspring housing, non beavertail grip safety, fixed sights (3 dot sights are out there but most are flat black), a right side only thumb safety that is NOT extended, a non adjustable, solid trigger, a slide lock with the non extended thumb pad, a mag button that's not oversized or extended, no beveling or extension on the mag well, checkered wood or plastic grips, ect...
Tolerance wise, it's not going to be 'tight'. It will probably rattle a little if you shake it side to side and you should be able to remove the barrel bushing with your fingers (not a tool) but the barrel shouldn't move if you push down on the chamber area when the slide is forward. This means the slide fit is a bit loose for reliability when shot while the gun's dirty but the barrel lugs and the bushing are fitted tight 'enough' to be reliable but not so tightly fitted that they will give maximum accuracy.
Basically, it should WORK and shoot reliably. Accuracy won't be 1 inch at 25 yards like a match tuned gun but it should go BANG every time and feed and eject 230gr 'Ball' or round nose ammunition all day, every day with a consistent level of accuracy.