First, I'd like to have a dime for each discussion on this subject I've seen over the fifteen years or so I've been interested in this subject - I'd be able to afford that Springfield M1911 I've been looking for!
I do know of a number of people who shooting low numbered M1903s and that is their right. Probably, the chance of a "problem" is relatively small. That being said, when I want to shoot a M1903, I take a high numbered one to the range. While I agree the chance of something "bad" happening is small, I choose not to take it. I had a friend have a M1903 let go on him and that is enough for me.
The Ordnance Department did basically condemn low numbered M1903 receivers, but as I said earlier, did not gather all low numbered M1903s for disposal, and allowed hundreds of thousands of them to continue in use. I do realize that they were used through World War II, but that was a "war emergency", something that is not equaled by a casual trip to the range.
"We make men without chests and expect from them virtue and enterprise. We laugh at honor and are shocked to find traitors in our midst."
--C.S. Lewis