If you have a choice, you don't want to shoot any shot load through anything rifled. Rifling acts like a spreader choke and will open up shot patterns terrifically fast, and usually leave a hole with no shot in it right in the middle of the pattern to boot. If you want a really versatile shotgun, you'll want a smoothbore barrel. These days, with the right shot loads, choke is not going to be an issue, either. You can get patterns out of a Cylinder bore (no choke) barrel that will make people call you a liar if you tell them how small they can be.
I'm not a big Mossberg fan, but as far as I know the only 18.5" barrels Mossberg makes for the 500 have bead sights. and the shortest smoothbore barrel Mossberg makes for the 500 with sights is 24" long. That may have changed by now, no doubt one of the Mossberg guys here will weigh in soon enough if that's the case.
Your best bet if you want to be able to shoot shot and slugs without changing anything about the gun is most likely just to shoot both shot and RIFLED slugs out of a SMOOTHBORE barrel - unless you're planning to shoot slugs at more than 100 yards or so, and want a slug-specific gun to do it with. Sabot slugs in a rifled barrel (with enough experimentation to find what load that particular barrel likes best) will usually be accurate somewhat further out, but I have no trouble hitting with rifled slugs out to 100 yards or so with any of several 870s I have which have sights. I shoot Brenneke KOs, not the sabot kind, the rifled kind, because I only have smoothbore barrels on my 870s so they work well with buckshot loads too. The Brennekes are accurate by my measure, a good hard alloy sharp shouldered slug that makes cookie cutter holes, penetrates deep and they are reasonably inexpensive as well.
hth,
lpl