I'd pass. There's a reason the other guns cost more, all the things people want done to their 1911s to make them better has all ready been done to the more costly guns.
- Better sights
- Better grip safety
- Better thumb safety
- Lowered/Flared ejection port
I would not advise a 3" GI pistol for a first 1911, or really a 1911 in general. If you want a GI, get a 5" GI. If you want a compact 1911 for carry, get something else.
A base model Kimber Ultra Carry II should run around $750 new, that's not that much more than that 3" GI model.