These are quality guns, made to the high Colt standard of the '20s and '30s. Depends upon what you want... Their main value is to a collector, and refinished, that value is diminished. Should be a great shooter, if close to original in fit and finish (and no significant wear).
On the other hand, I shot a fresh out of the box Colt at the range the other day. The owner had picked it up at a gun show for $475.
I was pleasantly surprised by its very good accuracy and its surprisingly good trigger.
I don't know which route I'd go, given the choice of the two. Maybe the 1927, but that sucker is HEAVY!