...I guess the real question here is, since the initial purchase price of a Brown or Wilson pistol is too steep, would you be satisfied with completely upgraded internals on a Phillipino slide and frame?
Another post prompted me to go back and re-read the OP. Good thing...
I guess the (my) real answer here is - "yes" and "no".
In a sense - we seem to never be "satisfied" as long as there is something out there that is better. That's the "no" part.
But will the upgraded RIA do the job satisfactorily and reliably? I would say (based on my experience) - yes. I would not, however, replace all the internal parts - except as they wear out. As I mentioned above - the trigger, and FPS are definitely worth replacing immediately, and for minimal cost. The barrel bushing too, if yours fits very excessively loose - but that's a little more involved and probably not needed. The grip safety needs just a slight "de-horning". Grips could be checkered (or replaced cheaply). Other than that, IMO, the rest is perfectly serviceable and needn't be replaced until worn out. If you think you might need to replace the sights with something bigger than the stock "GI" sights any time soon - might just as well start with a different gun though.
With few and inexpensive parts changes along with minimal and simple adjustments (you should learn to tune your extractor yourself anyway, IMO), my standard RIA is easy to shoot with good accuracy, easy on the hands, and reliable - and showing no signs of abnormal wear.
It is not and never will be a target pistol. For that, you are better off starting with something already set up on a higher-quality frame.