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It isn't that difficult to refurbish one. Like you, I bought a mix master of parts from DCM for $20 in the 60s. It was in like condition as you speak of. First replaced the barrel and bushing (not to match spec, but a fairly good fit without having to use a tool to remove the bushing. Right then shot like a different pistol. Polished the barrel/ feed ramp. Lot of things I had the Smith do if it was out of my knowledge, or didn't have the tools for a proper job. Like installing a set of Micro sights and tighten the slide along with the slide contact to lower frame fit, but not so much as to lose reliability. Beaver tail so a Crammer Hammer could be installed. Lighten trigger to 3 lbs, Polish (Not the high gloss but a little less grit as highly polished like Colt's midnight blue is beautiful, but really not durable, My first Python bluing wear from the holster in a couple of years vs a Smith Model 28, a coarser finish showed no blue wear after double that time, so gave it that kind of a Blue job. I doubt if $500 was spent on the project. Carried it both as a back up, and off duty for several years. This was back in the late 60s, early 70s. Semi autos were not in vogue back then. I carry a Glock now, only because it is the required duty weapon, and it's a higher capacity weapon. The 1911 is still my night stand fire arm. However, I have a lot of service miles on the 1911A1, both in the Marines and as a civilian. That part always stays with you, and yes, it is dependable.I would never carry or use any gun that was worn to the point that its operation could be considered "faulty".
I feel this is the core of your question.
Would I carry an old, worn out gun.
No, I wouldn't.
However, replacement parts are easily attainable and reasonably priced.
Either myself or a gunsmith could make the gun "fresh" again.
At that point, I would have no qualms about carrying one.
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Dean