I'm teetering on the brink of it myself, although I can't imagine I'll make a business of it.
I've got a wonderful Browning Medalist from the late 1960s I can't shoot bullseye with because I can't hang onto it. No one's made stocks for it in decades, and I can't legally send the gun to Randall Fung in the People's Republic of California for a set of his stocks—if I could talk him into making them.
I've been able to modify stocks extensively with a Dremel tool and assorted cutters, and soon discovered the proverbial "hard way" it's necessary to wear a mask and work outdoors: wood dust is truly nasty stuff when inhaled, and doesn't do one's eyes any more good.
I'm going to have to buy a router in the near future. I doubt one would be needed for model 1911 stocks, but any time stocks wrap around the grip frame, there's a great deal of wood to be removed. I could probably do most of it with a Dremel tool, but have a hunch I'd end up with too much wood removed here, not enough there, et cetera.
I'm planning to start with soft, inexpensive wood. I may even use white pine just to figure out the shape(s) I want and how to put together the assorted parts.
I've already discovered the single most important tool is patience.
Best of success, eh?