If this is a real 1911, the US service pistol built 1911-1925 or a 1911A1 1925-1945 or a real Colt Government Model of any great age, it may have good collector interest and resale value in any decent condition, even showing some wear. Refinishing will eliminate that. Spend $200 rebluing a $900 gun and end up with a $400 gun.
Now if it is something newer or if it is an old gun that has been badly neglected, it might be worth refinishing.
Give details and show pictures, we will be able to help... with opinions at least.