This isn't a complete solution, but SkipLock works great if you want both. Basically, if your phone's connected to a registered WiFi or Bluetooth connection, the app will bypass the password on your lockscreen. If there is no connection (likely meaning the phone is not near you or you are out and about) the phone will set the pass code.
Otherwise, you'll need root and an Xposed module that let's you have both a password and shortcut.
Edit: Forgot to add that this is a paid app, so that might be an issue for some.
Sent from my Galaxy S4 running SlimKat 4.4.2