Just about every pistolsmith who was in business thirty years ago probably has extensive experience with this!
I also got a minty M1911A1 from my dad, and while I don't carry it, I shoot it more than my other guns combined, using it almost weekly in IPSC matches. Although selling your gun, and buying something less collectible to work on is my advice, I'll tell you what I did to mine, and how I would do it differently, in hindsight. First & foremost, the gun must be reliable, so I'd have the barrel throated and the extractor properly adjusted. A tighter bushing will help accuracy and reliability (measure your muzzle diameter, and get a drop-in bushing that is .001"-.002" larger, or pay to have one hand fitted). I shot my gun for years with the G.I. barrel and a fitted bushing; it was plenty accurate at practical distances. I have since installed a "pre-fit" barrel, and don't know if it is any more usably accurate or not. Get good, fixed sights. I put low-mount adjustable sights on my gun, and found that after settling on a load five years ago, I haven't moved them. A trigger job can be performed on the stock parts. I have my original G.I. hammer, sear, disconnector and sear spring in the gun, and the trigger job is still sharp after 10,000 rounds. The only external mod you'd have is the sights, and you can save the rear for re-installation later, if you want. I've had the slide fitted to the frame, added a lightweight trigger, ambi safety, rosewood grips, matte blue finish; but that is just nice-to-have stuff, not necessary, especially in a gun that will be heard and not seen.