I discussed the recoil spring plug issue with Mike Cripps of Elite (in Bury), some time ago.
Basically the answer is 'yes', you can swap the part for one that isn't flanged (i.e. is not a 'reverse plug', as is the term for real 1911s). There is a catch, though. The TM 1911 has a barrel bushing that is either plastic or aluminium. With the stock plug in place, the composition of the bushing is irrelevant, but once you move to a non-flanged plug, the barrel bushing has to do the same job that it does in a real 1911: hold the recoil spring in place!
The stock TM part isn't really designed for this, and obviously, that's why the plug is flanged. Mike told me that someone who shoots their TM occasionally will likely have no problems, but bushings have been known to break in skirmishing matches, when people have done this. I think he told me then that there are such plugs available, but don't quote me, this was a couple of years ago at least! I was thinking of getting a steel full-length guide rod (and a suitable, open plug) at the time, to add some front-end weight to a WE pistol, which has the same recoil spring setup as your TM.
As for the slide stop, I haven't put one next to the real thing, but the protrusion in the magazine well ought to be quite different. if you want it to live up to its name and stop the slide to the rear when the magazine is empty, you will have to do some very careful machining to pull it off.
Too many people miss the silver lining because they're expecting gold.