Just some points that might be interesting. Since IPSC requires rapid shooting and sometimes shooting on the move. The "hard kicK" that lots of GBB sells is not necessarily what you want. Which is why parts like AS' BBU exist, because killing that weight will reduce the disturbance slide cycling causes. At the same token this is a good point to NOT use metal slide, as they are inevitably heavier that the stock plastic slide. However I think wear and tear is an issue especially for us who uses propane primarily, so metal slide might be better if you don't wanna replace a plastic one down the road. My thinking is(and if I were to build another Hi-Capa, I'll try to follow this path, and it'll have to be an open gun), is to use Hi-Capa 4.3 as a base. Smaller slide, so regardless a metal or plastic slide it is lighter, and try to loose as much weight as possible on the moving components. So light weight BBU, and probably porting the slide(or buy one thats ported). Then run longer inner barrel with comp to hide it and to get that accuracy and range of the 5.1 back.
I think power is still important though, as by my understanding, if neglecting the hop-up effect, more fps should mean that the bb's trajectory is straighter for longer time when not using Hop-up? So having a more powerful gun should also be more accurate no? As mentioned with the longer barrel, I'd probably run a tightbore as well, which will help both power and accuracy.
Then there are upgrades for reliability, Hi-Capa nozzle is pretty weak, so replacing that IMO should be a must. And after doing the hammer and sear on my gun I find it helps lighten the trigger pull, and at the same time uses better components(stainless sear and hammer)...
I used to think big magwells are ugly until I start practicing reload, and realized what they are for(lol). I don't think you "need" to have it, but having it probably will help quite a bit. I did file the taper edge to my Hi-Capa and the 1911 though, and it does help....mag catch I am not so sure. I am running the short 9-ball magcatch, and between that and the stock I am not finding it that different to use...
I think a lot of the thinking should also be done about what class you might want to build you gun for. And that can be your artificial budget cap...