I've always heard great things about the Norinco. I might search for it but I had heard it used some of the best steel for customizing work. I wish I could find one.
some of my favorite 1911's i've built started out as norinco. granted i only used the frame and slide, but they sure turned out nice and easy to work. i'd buy more if i could find them at a reasonable price.
Lots of good information on the Norinco's. They did use some very good steel, very hard. They were used as the basis for a lot of custom guns, back when they were still being brought in to the county. In the sticky section of that link there is a whole post on just the steel used.
As I recall, some of them had "timing" issues. Check the barrel lugs, if they show some peening at the front edges, you may want a smith to look at it. I don't believe it was a big deal to correct - something about swagging the frame rails I believe.
Basically they are supposed to be great guns, especially for the price. If you don't mind my asking, how much did you have to give for this one?