Unless it's the lighting in the photos, the needles look too blue to be a mugo. It looks more like a Bosnian or Austrian pine; can't decide which. Mugos (in nurseries anyway) rarely have a single trunk, and usually have short, straight, deep green needles. The blue look, and longer, curving shape make me think Bosnian or Austrian, maybe even ponderosa...any of which would probably make better bonsai material.
It seems the best mugo pine bonsai are European yamadori...
On training, you'll definitely want to get it to bud back closer to the trunk. I'd start now by cutting this year's candles off, back slightly into last year's candles, leaving enough needles on each shoot to stay strong, and next spring, you should get some new growth closer to the trunk. Once you have some new growth closer to the trunk, you can cut back to it and begin training some branches.