Texwing,

You sound 'down in the dumps' -
Referring to a vintage gun as a 'shooter' is not meant as a put down.
As Scott said, you did very well! It's almost impossible to find an authentic 1911 in working condition for the price you paid. I would have paid $400 for it in a heartbeat.
Though it's not a $2500 'collector', you could turn around and easily sell it for much more than you paid for it. (I'd keep it though!)

You purchased a piece of very interesting History for a low price, AND you can have the joy of shooting it without the constant fear of breaking some original part and ruining it's value.