In my opinion, you would be best served with a front sight only, if you plan to use
mostly shot for aerial targets or wingshooting. You mentioned a "full octagon barrel," though, and this may be a little front-heavy for wingshooting.
I suppose your choice might also depend on what you are hunting with your shot loads. I could see that a rear sight would be a good thing for any sort of deliberate aiming at stationary game, such as turkeys, even with shot. If you think you might try hunting with ball for big game, such as deer, you would want the sighting system that will give the best accuracy for a humane kill. Modern hunting ethics may trump any sort of tradition in this case.
The "Trade Gun" matches sanctioned by the NMLRA require a smoothbore with no rear sight. If you think you might want to shoot in those competitions some day, that would be a consideration.
There were rifle-sighted smoothbores back in the day, and even some trade guns, such as the Carolina guns, had rear sights. NMLRA rules notwithstanding.
Don Bruton addresses these choices on his website:
Don Bruton - Gunmaker
You have a lot to consider, in making this seemingly simple choice!
Best regards,
Notchy Bob