I think a good compromise might be to pick up some of the Golden Saber bullets that Aged Warrior found and load them for reliability testing. That will get it down to $0.25-0.30/round, depending on shipping and other component choices. It will make for a 100% certifiable feed test and create less-expensive-than-factory ammo for working up a match to the commercial load performance (if it can be safely done without a proprietary powder), followed by an approximation with cheaper bullets for high volume practice.
The 1911 out of the box can have some ammo selectiveness issues, but they aren't hard to modify to be more forgiving. Mine will let your rack empty cases throught them all day without a hiccup.
The 1911 out of the box can have some ammo selectiveness issues, but they aren't hard to modify to be more forgiving. Mine will let your rack empty cases throught them all day without a hiccup.