I have read magazine interviews with 3d competition pilots who have started in mode 1 because of their country of origin, and then found that 3d was easier with mode 2 so had to relearn from scratch in order to remain or become competitive.
PilotLight, my suggestion to you (as if I know what I'm talking about, sheesh...) is to stay with what you already know. Some people somewhere must fly helicopters in Mode 1, so it probably can be done by ordinary mortals, even though I would never attempt it myself.
Helicopters have certain functional needs that can only be met by a specialized helicopter transmitter, though, like adjustable pitch curves, idle-up and throttle-hold, and stuff like that there, so you probably will want to get a fancy new radio like the DX7, and I just don't know if it is available in a Mode 1 helicopter version.