I've got a mil-spec 1911 that has what I would call a parkerized finish. It's kind of a gray, unpolished look. Great for protection, but kinda fugly. I'd like to explore the option of stripping it down and putting a deep, dark, high gloss blue job on it. What kind of work and expense am I looking @ to do it myself (inexperienced with such things)? If the materials aren't TOO expensive, I figure if it doesn't turn out right, I can always start over. On the other hand, what would I expect to pay to have such a job done?

I did a quick internet search and found Glenrock Blue in Wyoming, I have seen some of their work and it is top notch. The price list says between $310 and $510 for a high polish blue job. The lower price is for a polish using 600 grit and the high end is 2000 grit. The high end looks like a blue/black mirror. Also look up Fords Firearms refinishing and you will see some examples of fantastic bluing.
If you do the polishing, they will dip it for around $70.
The art is in the polishing. It is VERY EASY to round corners, change contours and obliterate or ruin lettering.
As for doing it yourself, a hot blue set up will run you probably close to a grand...not for amateurs obviously. There are "cold" blue methods that produce a somewhat nice finish, but they wear very easy and actually have a pretty bad odor. Cold blue is mostly used for touch up of small wear areas. You cannot get a nice shiny finish with cold blue that will last any length of time.
Good bluing is an art. Most of the places that do it are quite far behind in getting the jobs our as there is a big demand for QUALITY bluing.
There are several teflon, or other types of coatings, but none of them, that I have seen, will give a nice high gloss finish.
I am not trying to discourage you, but it is a job that is best left to a professional.

You can easily do the polishing yourself, the bluing is best left to someone in the business because of the mess & expense.

Polishing is easy to do right and even easier to do wrong. The trick is to keep the flat parts flat, the round parts round, the corners sharp & don't wipe out the lettering or dish the holes in the process. Stay away from any power tools, especially dremels, until you've done as few. Doug Turnbull use to sell a video on the basics of hand sanding & polishing. Get a copy of that tape, get some wet/dry paper in various grit (you probably won't need anything finer than 600, if that) and some gum erasers and small wood blocks to use as sanding blocks. You'll be all set.

AGI did a video too that show hand polishing and they used a 1911 as the prop gun, you can rent it from smartflix oneline. I think it was their metal finishing and hot blue one. If a remember right it had some tricks to keeping the slide flat and how to treat some of the other areas.
-Don

Many, many folks will redo the finish on your pistol. Relatively few will do it well. Many will overpolish and wipe out the stampings or roll edges.

These guys (who used to be known as Checkmate Refinishing) in Brooksville, FL, are absolutely to notch! They do very nice blue and the nicest industrial hardchrome I have ever seen!

http://www.whitewolfcustom.com/

Their polished flats and sand blasted curves and top strap is simply glorious. Prices are reasonable.