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What exactly is the problem with the rear sight? Any other "issues" to be on the lookout for?
The Elliason rear sight is held in place with a 1/16" pin in a hole that sits cross ways of the slide's travel. It's turned exactly wrong to live with the shear force in play. The cut in the slide is way too long front to back to use any of the popular 1911 sights like BoMar, Heinie, Novak and fill that original cut all the way forward. Your option is to fill the cut with weld or silver solder in a filler. Wilson makes a special Gold Cup sight as does Wichita, but they both are big honking sights. That's whats wrong with the sight.
The front strap is factory serrated at something in the 20 lpi range. About all you can do with that is to hand checker the rest of it 20 lpi, or weld in an EGW front strap insert. The trigger is extra wide and made of steel, so it's at least 3 times heavier than it needs to be to not have a trigger bounce problem. EGW is the only company I know of making a trigger for it and theirs is a "blank".
Those three things make the Gold Cup an undesirable candidate for a base gun. Not an impossible one, but there are too many things to work around to want to seek out a Gold Cup for a base.
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