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I'm going to ditto pretty much everything said above. My M500 was $210 on sale at Big 5 sporting goods. I changed the barrel/magazine tube out for a 20" one with rifle sights another $116 from Brownell's, and finally added Magpul Furniture for another $100.As far as Riot Guns are concerned the M12's and Ithaca's are kind of too valuable to tweak.
Most cops are using either Mossberg's or Remington's and there is more stuff available to customize them than the other two.
I would look at those options as well as Mossberg Autoloaders if you are looking to use in 3 gun. Pumping the action on a shotgun gets pretty tiring when you do it 30 times in a minute or so.
Here's a pic of my M500 and one of my restored Ithaca M37 which I would never even consider beating up.
My .02
Randy
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I've had some Model 12's and 870's over the years . I like a Model 12 better then an 870 . But I like an 11-48/1100/11-87 better then any pump .
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The Ithaca 37 is my favorite shotgun, please don't cut one down. Butcher an 870 instead and you will be happy.
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Here's another way to look at it, during WWII, (then) Princess Elizabeth II put on coveralls (if only for a photo shoot?) and worked on some airplanes. Winchester M-12's and Ithaca M-37's served well as "trench guns" and riot guns with the military and police, but they're more like princess's than soldiers. They're tough well built blue-bloods that can and have gotten dirty and in the mud under combat, but in the game fields is where they're at their best, prized by their owners and dogs alike.
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The Big 5 ad is out today . M500 is $299 with 28" VR, plug , 5+1, and 18.5" security bbl synthetic stock . 20ga same as 12 except 26" . Both 3" chambers .
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I have had most of the guns mentioned. At present my house cleaner is a Wingmaster with an 18" Express barrel. Never fails to work. 870!!!