At one point I went through 25-30 handguns before I settled on the Colt Goldcup. There are better carry guns available, the Sig-Sauer line is excellent, but nothing fits my hand more comfortably than the 1911.
There just isn't a better gun out there for target shooting. No other gun type comes close when it comes to availability of accessories; you can readily modify these guns to do whatever you want to do. The frame and lockup are solid (at least on the older Colt models I use) and capable of withstanding many tens of thousands of rounds. Which is exactly what you are going to want to shoot since the gun tend to age so well. Its also hard to beat the 45 ACP on variety, cost, and availability of factory ammunition.
On the downside:
1) Target guns tend to be set up with tight tolerances. This not only makes them more accurate, but, also more sensitive to dirt and ammunition.
2) The 1911 model is an old design. Field stipping is fairly simple, but not nearly as simple as most modern handguns.
3) The gun is single action and requires that you engage a mechanical safety for safe carry with a round in the chamber. The less you rely on mechanical devices (did anyone mention gun locks
) the safer you will be.
If home defense is your primary concern I would generally recommend a good quality revolver. Not only is this the most reliable weapons type available, but it is also an easier mechanism to master and maintain. You can keep one loaded by the bedside for months without worrying about spring ware and the rotation of magazines; and, there are no safeties or gagets to confuse you during an emergency. A good quality 357 Mag, with a 4" barrel, would be ideal.
Whatever you decide on always remember to practice, practice, and practice. I also aplaud your plans to train your kids at an early age. I was probably introduced to gun safety before I learned to walk (by example what else), and I have been shooting since age eight. Your kids are safest when they're equiped to watch a Hollywood film and can tell the difference between reality and reckless endangerment.
P.s. The knife choice is easy ...a Ka-Bar Mark II.
[This message has been edited by not2sharp (edited 10-04-2000).]