Sounds like a shit show to make the 500 you have "right". If there's no sentimental value, I vote to ditch it as well.
Afaik all 590s and 500s have their own style of mag tube/ barrel retention. My 500 (20ga) has a captive screw for the barrel, while my 590 has a cap nut. The 500 mounts on that screw, while the 590 slips over the mag tube and is held on by the nut. The best I can remember all 500 and 590 use the aforementioned system, respectively.
I want to believe you can swap the mag tube out (can be a PITA) and convert one to the other's style.
Feel free to correct me if I'm wrong.
Still, totally not worth it. I'd unload it and make known the trigger group is fucked. Maybe pick up a combo package with the short fixed, longer screw in choke and rifled barrels. Seems like a deal to me, I saw one in a camo dip for like $375 in a pre-hunting season sale.