I carry one of the prototypes of the 1911s that I build as a hobby. The only full-size I've built is a CMP/DCM type hardballer. The other prototypes built thus far are Colt Commanders, configured with an emphasis on practical pistol competition or defense carry. But they can be built on a full-size Colt platform, stainless or blue. The difference lay mainly with the recoil reduction system, the barrel/bushing combo, and the metal. Competition/carry version is blue (carbon) as that is desirable in a competition pistol. That one also employs a tungsten guide rod vs. the Sprinco system I put in the carry/competition stainless Commander. Neither has ambo safety, extended mag well, or frame-cut beavertail. There are a million and one builders that will apply these mods to a Colt, and if asked I'd be happy to refer someone to one of those that I know, who can build a world-class pistol of that sort. I will bevel a mag well, and I use Wilson drop-in (hand fit actually) beaver tail grip safety. If a customer was left-handed, I'd do an ambo thumb safety - but otherwise not.
I am currently building a Smith & Wesson "Classic" Model 40-1 for my wife. It came blue, but I'm having it fully engraved and nickel plated. That will also feature Eagle MOP grips, and a bronze-manganese Tyler T-Grip. It's going to be a real beauty. Having had the little lemon squeezer for a few days now, it has occurred to me that I've got to get one of these for myself. I think mine will be the color case hardened version, with about C coverage engraving and Eagle Elephant ivory grips, also with the T-Grip set up. Smith builds one similar to that with plastic grips for about $6,500 – my wife’s will come to around $2,000 when it’s all said and done.
I may switch to carrying a version of that pistol in most situations. I feel confident with all five chambers loaded, and the new Hornady XTP 158 gr with a couple of extra speed loaders on hand. Old fashion, but so am I, as you may have gathered. On my own builds I replace virtually every internal: trigger, hammer, everything except the ejector on the Commanders, it's already "extended." Everything else goes. I do a flat-top serration, Novak low mount sights (different for the two configs), Gold Cup like serrations on the fore strap, Gold-Cup like ejection port lowering and roll-over dimple (new style [square] on the comp gun), etc. – traditional. The Carry gets Briley bbl with Briley spherical bushing, the competition setup is Cart with EGW angled bore bushing.
You might take this all as a sales pitch - it's not. I'm only building prototypes now. I won’t be in business for another 5-6 years down the line. If you are in the market for a Colt that isn't a Buck Rogers ray gun, a traditional Colt that is re-configured for optimal performance based on the original design keep me in mind. Few if any other builders will touch this level of modification any where near what I'll be charging - I'm not in this to make a living. It just has to be worth my while; it’s a lot of work. The plain fact of the matter is that unless you have a life-lone romance and affinity for the original Browning design, not because it's the best you can do for either carry or competition, but because you just love a fine Colt, you can do just as well (and for a lot less money) with a Sig, or a Glock, or a packaged deal from any number of builders who do all the whacky mods that I disdain; which is also why I will never build a clone.