Another big 1911 fan here. Here's a great website for the custom 1911 stuff:
http://www.pistolsmith.com/
Im a big fan of 9mm as well. The CZ-75 would be a bargain at twice its retail cost. The P-35 Hi Power is one of the finest production pistols you can own, but I honestly have not put mine in my range bag since I bought my first CZ. If you are looking for a slim grip 9mm the Sig P225 is tough to beat. The P239s are really nice, but I'd rather a P225 any day. The P228 is great, but a little fat in the grip. Glocks work fine also.
Dont worry about adjustable sights yet. They have their place, but a modern fixed site will work fine for anything you are doing at range distances.
For a $700 budget I would recommend a standard CZ-75B in 9mm, a case of plinking ammo, a couple hundred rounds of self defense ammo for function testing, a few extra full capacity magazines, and a firearms safety course.
Good luck!