In my opinion, porting does not reduce recoil, it redirects it. In my experience it significantly increases muzzle blast. And muzzle blast is more than just visible flash. It is the flash you see and the force (shock wave) you feel. Porting is also generally unpleasant to anyone standing to either side of you. It also greatly increases cleaning maintenance time.
But by redirecting the recoil and pushing the barrel down, in theory you should be able to keep the gun on target better.
However, by not allowing the muzzle to rise and complete the natural recoil arc/cycle, you could also, in theory, increase felt recoil straight back into the shoulder.
Basically I don't like it for most of the reasons listed above. But many others swear by it. You probably can't form an informed opinion until you actually shoot one with porting. To each his own.
I think it can be done to pretty much any barrel. You wouldn't be able to have the ports all the way out toward the muzzle on a gun with screw in chokes.