In your case, I would do something like this:
HOME – index.php (custom code that includes a slider, don’t link to sidebar)
ABOUT – page.php
BLOG – blog.php (custom template, not recognized by WordPress as a default, make sure to include Template Name at top of file to be able to select it as a template when you create the ‘Blog’ page)
PORTFOLIO – portfolio.php (custom template)
CONTACT – page.php
If you want different sidebars to appear on different pages, you can set that up with a bunch of ‘if statements’ in sidebar.php.
Technically, there is no ‘best way’ to do it here. Some people prefer to use home.php as their home page, I prefer to use index.php.