The correct decision. There are enough out there in perfect order. In fact, because they are normally in such good order, there are not many which have been broken up for spares. You would have found it not easy but disproportionately expensive to put one together from parts.
Patrick
I agree. Original condition 1911's start at about $300 from dealers--a bit less on the auctions. You could never restore one for the difference in price between what you described and the original condition examples.