Big Dave,
If the idea of a compensator appeals to you, you would really need to go to a full blown race gun, including a dot sight. On the used market, these are available from about $1,800 and up. A new open class race gun from a good smith starts around $2,500.
Most people will start out in limited class (no optics or compensators), and as others have pointed out, a 1911 pistol is almost a requirement. While many people do use Glocks, there is no comparison in the triggers. 1911 is the way to go.
High capacity is another issue. Shoot what you have, but if you stay in this game, eventually you will want a hi-cap pistol. I was shooting "B" class scores with my stock Kimber before I switched to open class, but single stack guns can be a handicap.
A Glock is proably the cheapest route to a hi-cap pistol, and if you have one, it should serve you well until you decide what you really want (1911
).
In my opinion, the best deal out there right now is the Para Ordanance P-16 Limited in .40 cal. This has most of the bells and whistles that you would need/want (adjustable sights, beavertail grip safety, fully supported barrel, lowered ejection port, etc.). About the only thing you need to do to them is add on a mag. well, and maybe some trigger work. These are available new for $700-750. A great deal.
The para limited's are also available in .45, however, the .40 gives greater magazine capacity. Standard capacity in the .40 is 16 rounds, but with the right base pad/follower combination, these mags can hold 21 rounds!
E-mail me if you've got other questions.