Alpena no one can answer this question for you because "worth the money" is a completely subjective value judgement. I also think that there is some level of miss-labeling in the 1911 world. What many people call custom guns are really just small line production guns. Let me explain:
Guns like off the shelf Les Baer, Wilsons, Ed Browns, Guncrafters, Nighthawk, SA Custom shop, Dan Wesson and Colt Custom shop guns are not true custom guns. They are different levels of production guns. They are not the same as a Ruger SR1911 or even a standard production line Colt but they are still basically production line guns. IMHO.
When you get a Colt M45A1 CQBP it is no different then any other Colt 1991 expect for the amount of time, the spec, the detail of the work and the volume of the assembly line. Certainly more hands on time building and fitting the pistol but there is nothing custom about it. Built to the same spec and everyone of them should be identical. To me this is the definition that Dan Wesson, Colt Custom shop and SAs custom shop guns fall into. They are not "custom" in that when you order a CQBP you are getting the same gun as every other CQBP.
The next level is what I call the semi-custom world. I think people incorrectly call them "custom". My Les Baer TRS special is the same as every other TRS Les Baer has made. It is similar to a Colt CQBP in that respect but the size of the line and the hands on attention to detail has been increased. Also Les Baer, Ed Brown, Guncrafters, Wilson etc... will allow you a bit more customization of their basic packages which can push them closer into the true custom world but I would argue that 90% of the guns owned by shooters from these high end 1911 makers are off the shelf guns like my TRS so I think Semi-custom accurately describes them. You can get a TRS with no front slide serrations or a different finish but for the most part is a TRS. Now most of these guys within reason within their product offering will allow you to customize certain aspects of the gun which many will argue makes them custom.
For me personally a custom gun is where you start with a base gun or frame, barrel, slide combination and built up a gun that is uniquely yours. A one of a kind so to speak. Guys like Yost, Burton, Don Williams, Garthwaite, Harrison, Bruce Gray, Stan Chen, Ned Christiansen, Bill Laughridge, Chuck Rogers, CT Brian, Jim West, Novak, etc... Wilson will still do this kind of work as well but this is not what you are getting when you order CQB off the rack. These guys build "custom"1911 with a capital C!
Now I am not making any sort of "value" judgement in terns of which is better and which represents a better value I am just making a distinction which I believe is often over looked.
I have a few what I would consider "true" custom guns. 2 of them are BHPs one is a 1911. They all cost me less than $3500 including the base gun. I carry all 3.
BHP Alloy from Don Williams
BHP C series by Jim West
1911 Colt CCO by Jim West
For me the "value" of a true custom gun is getting exactly what you want on that gun. Nothing more nothing less. You do not have to settle if you do not want to. You can spec and pick every part and every piece so that it is "your" gun. I have a TRS from Les and overall it might be the best 1911 I own but I do not love it as much as I love my custom CCO Colt.
So I would keep that in mind. If you are looking to built a one of a kind piece of personal expression in a 1911 then I suggest contacting a true custom house and talking to them about what you want in a 1911. Let them help and guide you to your end goal. I believe you could easily reach that objective for less than $3500 unless you gun full house custom at Heirloom LOL....
When I say "custom" I am referring to the ability to make the gun the way I want it. My Alloy BHP is a perfect example. Don normally uses Heine or Novak sights. I wanted Harrison 1911 sights on my gun. He got them from Harrison milled the slide and perfectly fit and zeroed those to my BHP. He made a custom safety from the old part, admittedly he does this for most of his BHP builds not just me. I wanted a "Practical" look so we did the frame in NP3 for extra hardness and Rogard on the slide and controls. I wanted a Garthwaite trigger so Don got that and on the gun it went. I wanted a type 3 hammer & sear from C&S and guess what went on the gun. It is uniquely mine. I have never seen one with the same configuration and unless someone copies it I doubt I ever will. That in my book = Custom! To me it was worth every penny and I am planning my next custom build to send off as soon as I build back up the gun $$$ fund.
Now if your goal is to get a really nice 1911 that is a step above what the top production pistols like Dan Wesson provide I would look to the Nighthawks, Wilsons, Ed Browns, Les Baers and choose the one that fits your needs and aesthetics. Each of these guys have their own style and philosophy behind their pistols.
That said I would give serious consideration to a Dan Wesson like the Valor. At about $1800 it is hard to beat. It is IMHO where the law of diminishing returns really kicks in in terms of 1911s. One can spend a lot more and not get a lot more pistol. 99% of us including me cannot squeeze out the performance difference between these guns and guns cost 2X as much.
My last word would be if I were in the market right now today for a off the shelf 1911 in the $3500 or less range I would get a Guncrafters The Pistol with No Name. I just love the plain slide serious business look of these pistols. They are about $2800 OTD IIRC.
http://www.guncrafterindustries.com/nonamegovt.htm
The Pistol with No Name
-Full Size 5” Government .45ACP
-Frame, Slide, and 5” Match Grade Barrel Machined from Forgings
-Hammer, Sear, and Disconnector Fully Machined from Tool Steel
-Slide Stop Fully Machined from bar stock
-Single Side Thumb Safety and High Sweep Grip Safety
-Extra Thick Heavy Duty Barrel Bushing
-Beveled Magazine Well for Improved Magazine changes
-Solid Match Trigger
-Front Strap and Mainspring Housing
-Checkered 15LPI with 90° Diamonds
-Shredder Grips for confident grip in extreme conditions
-Slide Top Serrations
-G.I. Tritium Sights
-Black Melonite Finish for Extreme Wear and Corrosion Resistance
-Fully Dehorned
-Extreme Reliability Work
-Supplied with Two Magazines Fully Fitted and Tuned all in a GI Logo Cordura Case
-38 oz. Empty 5” Steel Pistol