I'm a BIG 1911 fan. I've gone through my share, from a WWII Remington (that I sometimes wished I'd kept, but it wasn't an heirloom and had no sentimental value) to OEM Colts (including a nickeled 70s Commander) to SA, Kimbers, Baers, Browns, a multitude of Wilson Combats to Ted Yosts, Heirloom Precisions and finally settled on CT Brian as my grail gunsmith.
A LOT depends on what you want the one choice--nickeled Colt or S'field LV--to do for you. If this will function in any sense as a semi "collector", then the Colt is a start only because it's nickeled. Its' true collector value has already been ruined because the skeleton hammer et. al. have been installed. If it's to serve a dual function as an "operational" "collector", then changing the grip safety won't hurt it's loss in value. Probably the best thing you could do to increase it's accuracy is to have the trigger system 'smithed. But as is, I think only the older generation see much appeal in a nickeled Colt--younger guys look for contemporary lines/appearance and convenient functionality--and you can't customize the slide/frame without having the chrome stripped, so checkering etc is out (as a 'prohibitive' expense). So the Colt's only true appeal is that it's nickeled.
I'd trade it. I don't regret trading/selling any of the numerous guns (10-15) that I did--my goal was to 'move up' in quality. That's what I think the LV gun is from the Colt--a move up in quality.
Now, I have three CT Brians--a CCO, a Commander, and a full-size; the only other 1911s I have are sentimental. I may not have a lot of them like I did long ago, but these three are 1/2" shooters at 25yd (benched of course--and that's his guarantee with OEM ammo!) and make me look like I practice every day when I only shoot about once a month. None of the others, excepting a Wilson Combat SuperGrade I still have, can match that accuracy, and once you get beyond looks, accuracy should be what you're paying for.
