For sure, Eddie. The extra cost just wasn't worth it for the average subscriber. But, I'd bet money that if you wanted a color-coordinated 500 set from Pacific Telephone in 1954, there would be a waiting period because they didn't have them on hand. Even black 500s were in short supply until the early '60s around here. Unless you really insisted, you got a 302, or maybe a 5302, which was just a 302 disguised as a 500 and retrofitted with a wonky ringer adjusting lever.
In the early-mid '50s Ma Bell even gave specific orders to provisioning and installation personnel to issue a 302 unless the customer insisted on a more modern set. The 302s were beyond plentiful, while WECo's production of 500s couldn't keep up with demand. There is a two word explanation for this: ringer adjustment.
We only used Long Distance on special occasions. I remember many family celebrations around our dining room table when the phone would ring. I'd answer it and hear a very loud, hollow, low pitched sort of hissing/roar, and the excitement ensued. I knew it was my Uncle Frank calling from suburban Chicago. The phone would get dragged to the table and passed around for everyone to have a chance to talk.