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If both guns have firing pin blocks, which is easier to work around?
The Para will be easier to work around, since it is a series 80 firing pin block. The firing pin block and spring can be easily removed from the slide, and so can the parts in the frame, though you should add a spacer plate to replace the thingy (sorry for gtting technical...

) that would push up on the firing pin block in the slide. FWIW, my gunsmith did an awesome trigger job (3#) on one of my series 80 1911's and left in the series 80 parts, so it is possible to do.
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What about the quality of barrels on both guns? Does the Para's 5 inch have any significant advantage over the Tanfoglio's 4 3/4 inch polygonal barrel?
I'd give the nod to the Tanfoglio's barrel, primarily based on my experience with my P16... Para used to get their barrels from Auto Ordnance/Thompson (I don't know if they still do), and the steel seemed kind of soft. I shot out the original barrel in less than 20K rounds (50/50 mix of jacketed and lead bullets). Replaced it with a BarSto and it went much longer than that.
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Why does the Tanfoglio have optic sight mount holes? Aren't electronic sights illegal in standard division?
Theye are there just to make it easier to mount optics should you want to play in Open, but you are right about them not being allowed in othr divisions.