I have always used standard gun oil on my 1911's since I was a kid. Lube the rails, barrel hood, barrel bushing, hammer joints, underside of the slide that trips the dis connector and the barrel itself. All lightly of course.
The last few years I have used MilTec-1. It's excellent stuff and is supposed to condition the metal after a few applications.
The 1911 in its original build spec is not an overly tight gun, nor was it ever meant to be. The old 1911's of which I have had several are loose enough that you can run them bone dry if you had to. My Colt's were all the same way. Do they need more lube than a Glock? Absolutely, and so does just about everything else known to man.
Lube them lightly with a good oil as you would any other gun and shoot them. They will be fine.
The 1911 was never meant to be made match tight, like a Kimber, or a Les Baer. Those are great guns, but not what John Browning intended for the design of the weapon. The 1911 has always been know as a rugged and reliable weapon in adverse conditions and in its original build specs it is just that. You start tightening things up to bank vault specs, then you had better have a master gunsmith doing that work or you can expect problems.
Me personally I like my 1911's slightly loose or mil spec. No full length guide rods, and super tight barrel bushings etc. Now you can get a super tight gun that is reliable too such as a Les Baer etc, but you must be willing to pay the money for it.
Hope this helps.