The lens has two bayonet mounts one on the outside of the front ring, and the other on the inside. The standard hood mounts on the outside, while filters and most bay to screw adaptors I've seen mount on the inside.
Depending on the adaptor, it may work with the standard hood, though you would probably need to mount the hood first then the adaptor, if you are using bayonet filters, then the hood will slip over them.
I would only do the adaptor thing if you have other lenses that could use the filters you adapt to, otherwise I'd get bayonet filters to simplify the amount of stuff you need to carry around. They are easy to find used, in good condition, if you want to save some money.
The bellows shade can be kind of ungainly, though the newest version folds which would be a nice feature.
The nice thing about the bellows shade is that it can be used with any of the Hasselblad lenses with the use of the appropriate adaptor.