The "Colt" .22lr guns are all made by Umarex which is either owned by Walther or owns Walther, I can't remember which way it rolls. I do not have the 1911, 22 but I do have a "Colt" M4, 22 that is a joy to shoot and very reliable. As reliable as any .22 rim fire can be. Though I don't own one, I have fired many rounds through the M&P 22 pistol. also made by Umarex and it was also very consistent.
I doubt the weight and trigger are really anything like a true 1911, but I'd go for it anyway as I'm sure it'll be a load of fun for plinking..
BTW, the 1911 .22 conversion kits are stoopid expensive!