At the $1500 mark you will need to be very selective about the options you select. Bells and whistles on a 1911 can go several thousand dollars, as you have noted. I'd focus on those aspects that most effect accuracy and avoid the others.
Using a very competent pistolsmith who isn't well known will help keep your labor costs down. Make sure the smith can build an accurate gun and not just a pretty one. Sometimes accuracy enhancements can reduce the field reliability of a 1911. Make sure you understand the issues and tradeoffs before authorizing any smith to go ahead.
Take some time to check out the sights people have at the the ranges you visit. There are tons of choices, especially if you go with fixed sights. Using a smith who also does a lot of the same type of shooting you want to do may help.
Find out what base gun the smith works on. A bad base gun may not take you to the level of accuracy you desire. Be sure you know the degree of accuracy possible with your base gun.
Good luck!!
