I've been reading this thread to see where it finally ended up.
And the reason is that I wanted to add some comments.
I've got a Para 16-40 LTD that is much like the one JFD bought... Its got well over 100,000 rounds on the slide and frame, its not "tight" but it doesn't rattle either. The old barrel wore out and it got inaccurate, so a new Schuemann Ultimatch Bull barrel fixed that it had about 2000 rounds through it when I bought it. S&A magwell. Lightish spring, buff, solid guide rod, extended mag release, full S*I internals, just over 2 lb trigger. I bought it used and "tricked out" with a couple mags. I shoot 180gr loads loaded to 1.180" length without problems.
It shoots very well, better than I can. But thats ok I've only been shooting pistol for 2 years and IPSC (USPSA style) for one.
That said, a well known gunsmith told me when I was looking at what to get that both S*I and Para will make a very very good gun. The difference is that you'd pay more for smithing/parts to get the Para to the same level starting with new guns. The net effect is that going new is going to cost about the same either way.
On the other hand if you can pick up either used and running well then thats a great way to go as you can save a lot of money.