Not it's not. What's important is that users pick a password randomly from a large pool. For example, there's nothing wrong with a long password all in lowercase if the characters are picked randomly (see, for example, how Google 2-factor authentication handles application specific passwords).
"But guess what? This morning I discovered that actually the algorithm PBKDF1 described into RFC2898 does exactly what I proposed."
Actually PBKDF1 has been deprecated since 2000 and replaced by PBKDF2 which doesn't use SHA1 (it uses HMAC-SHA1 instead). And PBKDF1 is a key derivation function, it's not designed to be slow (as is, for example, bcrypt).
Nevertheless, you could iterate SHA1 if you wish.