Need to order a barrel gushing anyways because this one has the collet bushing and I have heard and read that those can be trouble. Damned accurate with it.
Before you go down this road, I'd give it some more thought. Not telling you "no, don't do that," just think about a few things:
1) As you noted, the collet bushing is accurate. Here's some discussion of that:
http://www.sightm1911.com/lib/history/s70_colts.htm
2) The factory used them for 17 years without seeing a big problem - they changed to solid ones when they had better CNC machinery that could fit barrels and (cheaper) solid bushings for acceptable accuracy w/o hand fitting - it was a cost issue, not reliability issue.
3) Some have been reported to fail, but they were few and reportedly because of, according to Kuhnhausen, 10% of the time poor fitting at the factory, and 90% of the time amatuer messing with them afterwards. Again the operating word was "few." If one has made it this far, it sounds unlikely to be an issue going forward. I would reference Kuhnhausen on this issue.
4) Series 70 barrels are built for the collet bushing, and have a different taper on the end. Some careful selection must be used to get a bushing that will fit them "drop in" without extra fitting. Also, the longer they have worked with the collet, the more they groove for it, and the less material is there for a subsequent "drop in" to work with.
I have a series 70 still with the collet. The only modification is a full length Dwyer group gripper. It is very accurate, smooth, reliable, and loads all ammo types. It is the best 1911 I have next to a very high-end custom Caspian that costs four times more. On a bang-for-buck basis, a stock series 70 is a good thing. Just add a Group Gripper and don't look back is my attitude now.
I point all this out as, after decades of experience with these guns, I've learned that messing with what works is usually in the long run a loosing proposition. Also, if your Colt is stock or near stock, it will wreck the collector value of it.
This isn't the be-all, end-all of your application. Your needs may dictate the change. But think it all the way through and not just act on internet gossip.