You don't need a bull barrel to shoot 500m. It's just a cool factor thing. You need a rifle that puts a cold bore and follow up shot into sub inch reliably. 3/4 inch is better. Very doable with a normal sporter weight barrel.
Recoil can be managed with a can, brake and/or good stock ergos.
An lr rig is always going to be heavier than the equivelent close range rig. Much of this is in the optic weight. Certainly don't need to be lugging a 12 lb rig around to shoot those distances though.
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