Don't buy a generic gun for $500, and spend another $500 tuning it. You will never get your money back out of it when you sell.
If you spend $300 more up front, you can get a target grade model with better trigger, barrel, and other parts, fully integrated, and still have better resale/trade value in the end.
The first sentence is probably correct, the money you put into a gun in accessories, sold with the gun, usually are worth $.50 on the $1, because we have no idea what kind of gun mechanic you are. Installed by a name smith with receipts, I would guess you could get $.75 on the $1.
The second sentence is an interesting question. Can you name what models you speak of? I'm asking because I know Kimber makes $700 and $1200 1911's, but as far as I know, the fitting is not much different. This is just based on guns I have tried in the gun store.
As far as lightening the trigger, all guns are different. Some kind of spring kit will usually make it lighter, but that will often cause creep. Too light of springs and ignition becomes less reliable. It can also change slide velocities and make the gun less reliable.
Polishing can make creep go away and also give the trigger an overall smoother feeling.
Recutting angles is usually the most risky, but can make the trigger feel more crisp. . .the proverbial breaking an icicle feel. Doing this wrong can make your parts junk.
In general, these processes of smoothing require stones and sometimes a carefully applied mill file. A jig is required for recutting sears and hammers.