[2.70Racer]

Like the Pelican Parts Forum, there is a 1911 Forum with a sub forum that discusses 1911 gunsmithing. There are posts that discuss building 1911's from scratch. I would take advantage of the knowledge shared in that site to decide if this is the type of thing you would like to pursue.
The Kuhnhausen books (volume 1 & 2) are as close to the "Bible" of 1911 smithing as I've seen.
The key to always remember, is each part of a 1911 is hand fitted, the pistol is not simply assembled.
Additionally there are a few things that require a mill and tooling. Specifically milling the slide for front and rear sights.
Fitting the slide to a frame is drudgery and easy to screw up. Patience and continous measuring is your friend here.

Fitting a barrel is less drudgery but a great deal of finesse. You really need to know ahead of time how the barrel is to be fit and the steps to accomplish fitting. There are drop in barrels available but even these need some fitting.
Even the front barrel bushing will require fitting. Loose drop in parts here make for less accuracy.

Fitting an extractor requires some kowledge to get it right. Again not a drop in part.

The firing pin stop although a simple part is best done from an oversize part and fit to the pistol. This to properly hold the extractor and prevent extractor clocking.

A special tool is needed to attach the plunger tube. The plunger tube is integral with an STI frame.

The hammer, sear, disconnector and sear spring along with the main spring housing, spring retainer, hammer strut and thumb safety all require an intimate knowledge of how these parts interact with each other. High quality parts are your best friend here. Even the sear pin and hammer pin are best hand fit for precise assembly. A sear jig and stones may be required to finish the tip of the sear.

An understanding of the geometry of the hammer sear relationship is a must for a safe pistol.

Avoid the temptation to lighten the trigger until your experience and knowledge in this area are complete. Any mistakes in this area can result in a pistol firing accidently and even going full auto.

Finally your local 1911 qualified gunsmith is your best friend. He can recommend the better parts
and how best to fit these parts. Absolutely necessary is for your local 1911 qualified gunsmith to do a complete safety check before any attempt to fire.

I recently finished a build using a Colt slide on an STI frame. After 25 years messing around with 1911's and the last couple years studying every single 1911 part and dimension, becoming absolutely confident of the requirements of a build.
The build and shake down afterwards have been very therapeutic. I see another 1911 build in my future, it is as much fun as building and racing my 911 Porsche, without laying on a cold garage floor. Good Luck,