Frankly, I don't see the point.
My understanding is that the gun is still in Condition 1, it just doesn't look like it. Nobody is going to see my gun until I'm using it.
I suppose if you open carry as a rule, it might have some utility, but I still don't see it. People are going to see a gun on your hip (or wherever), very few will have any knowledge of condition, or even notice it. If they do, they are likely to be knowledgeable enough of the 1911 to understand what it means.