stonegod
Spawn of Khyber/LEB Judge
Not the case, as I detailed elsewhere:I believe it's allowed to have both bracers and the shield at the same time. But only one can be active at any one time (since they take the same magic item slot. I guess you could say the same for the armors? Except of course putting on armor is much harder then strapping on a shield.
See the post for the much longer logic.tl;dr version—You can wear and benefit from one magical arm slot, head slot, feet slot, neck slot, waist slot, and hands slot item, and 2 rings. You can wear one set of armor (magical or not) and use up to two weapons/implements. You can benefit from a non-magical shield and magical bracers but not magical versions of both.