OP, what you have is not a compensator, it's a ported extension that replaces the barrel bushing on a 1911 to take out a little muzzle rise. Compensators have a very precise bore and ports to direct the gun straight back and without any muzzle rise. And to get compensators to run well it takes a very hot hand load. But that is of no matter. You can start USPSA in Single Stack division with that gun in stock form. You are only competing against other 1911 shooters, not Open or Limited Division, and because you are new, as un-classified (until you join the USPSA and get enough classifiers in the system). You will need a good holster, like a BladeTech or CompTac or Safariland, not a cheap Uncle Mikes, and a good belt, like the Wilderness Instructor or Double Alpha, not a Wally World dress belt, and at least 6 magazines and mag pouches, not Mecgar cheapies, good 1911 mags, like McCormick, Tripp Cobras or Wilson Combat. If you have any money left over, get some electric ears. Contact the match director before you show up, some clubs require a full day training session before they let you shoot. The Grand Masters make it look to easy running $5,000 Open Division guns, but there is really no difference between you and them, except they do pistol fundamentals (stance, grip, sight picture and trigger control) about 10,000 times better, and typically have well over 20 years of competition experience shooting over 60,000 rounds a year.
So, shoot fast and have fun, but prepare to be humbled.
Check USPSA.com for more information and club listings.