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I am looking at an Essex frame 65xxx sn# range. It has an excellent Ithaca slide..complete. and a very good+ HS barrel. Grips are aftermarket walnut. I am not sure what the other internal parts or levers might be but the pistol is tight and the builder took the time to polish the feed ramp and pin holes appear to have been lined up . The finish on the pistol is like new and the frame matches the slide very well. I just wonder if the parts justify the price of $400.
In my mind and around here(Canada) the price is about right for a good deal gun. Essex is kind of scarce and I've never seen one but I've never heard anything bad about them. I knew they existed. Even if you go $100 per item , slide, frame, barrel, parts kit. It works out good.
Essex receivers have always had a problem with correct dimensions and alignment. For less money you can get a 1911 style pistol that has a warranty.
I do know that there are differences in quality between early and later Essex frames. I just don't know the serial number range that determines early or late. Evidently if you buil on the better Essex frames the dimensions are correct and the pin holes are lined up. Any put together is worth the sum of it's parts and function depends on that...and the expertise of the builder.
I have a Colt slide on an Essex frame sn:39xxx and it is a #1 shooter. It's accurate, and I have not had any FTF or FTE when using ball ammo. I think the hairy reputation that Essex got was because of the many "gunsmith" claimers screwed up the fit when they initially matched the frame with the slide. A lot of the problems I have read about the Essex frames were in fact problems caused by sloppy work in building the pistol...ie: parts rubbing against something or the sloppy fit causing looseness. If one is a bad fit with problems, I would blame the person who fitted the frame, not the frame itself. In fact, as I remember back in the 60-70s, some very good gunsmithing was done by some Army "Leg" shooters when their original Colt frames cracked, they replaced them with Essex frames..... great accuracy and reliability if the right gunsmith took their time and did it right.
I suppose it all depends on what you want to do with it. If you want a cheap shooter, yeah maybe. But I think you can look around and find a complete, matching pistol with a warranty for about the same money. As you can see, Essex has some reputation issues...some good, most bad.
If you want the pistol for the GI parts, value the parts and make a small allowance for the Essex receiver you plan to sell...maybe $50-100. The condition and originality of the GI parts would be the determining factor, IMO, in that case.