Its often debated on here....personally, I do think it reduces muzzle rize for your 2nd shot ...even using relatively light target loads.../ and it might reduce recoil a little ... but others say its just a marketing ploy ...
But all of my target guns ....Browning O/U's and my Benelli super sports are all ported ...at least the 12ga and 20ga's...not the 28ga or .410....
but I think the OP is wondering whether he can take a drill ...and drill bit ...to his gun and start drilling holes ...??
....but I wouldn't suggest " do it yourself porting "...not even on a 500.../ you're going to need a fixture to hold the barrel stead, variable speed drill press, some bits that will cut the steel in the barrel ...and be able to de-burr the top and the inside of the barrel with a hone or something.. and potentially touch up the finish....
porting - is not a do it yourself project - in my opinion.