Balancing the sword and shield fighter will be a bit trickier, as you are balancing not being hit, with doing more damage. So how much AC will you need to get to get hit half as often to balance reducing your opponent's hp twice as fast?
If an opponent has a default AC of 10, with an attack bonus of +0 then they would hit 50% of the time. To increase those defenses so the opponent would only hit 25% of the time you would need a +5 AC. So the right AC boost for the shield should be +5.
For the two-handed fighter, you'll be hitting half as often as the two weapon fighter. Since I am making all one-handed weapons d8 damage, a two-handed fighter should do double damage to make up for it, with 2d8 per round.
Saeviomagy and Kingreaper make good points. In addition to what they say, I would consider this: a combat model in which many hits miss (because of the effect of a shield) can end up producing the same outcome, but taking longer to eventuate (because more rounds end up with nothing achieved). Does this make for gripping combat? (High bonus Runequest can have this problem.) One solution is to allow for other sorts of benefits or opportunities to be opened up by dragging out the combat (I believe that Iron Heroes does this with its "tokens" mechanics). But this will introduce further complications into your balance equation.
You might also want to consider that a +5 AC bonus (or any other bonus, for that matter) is going to change in the overall effect it has, unless AC and to-hit bonuses scale in a consistent fashion (a la 4e).
For example, suppose monster A has a +2 to hit, B a +4, C a +6 and D a +8 to hit, that leather grants +2 AC, that chain grants +5 AC, and that a shield grants +5 AC.
Then here are some chances to hit, for monsters A through D, vs leather (+shield) and chain (+shield):
A (+2): 55% (30%), 40% (15%)
B (+4): 65% (40%), 50% (25%)
C (+6): 75% (50%), 60% (35%)
D (+8): 85% (60%), 70% (45%)
You can see that depending on the monster's attack bonus and the PC's armour combination, the shield can go from reducing the to hit chance by less than one-third (leather plus shield while fighting monster D) to reducing the to hit chance by close to two-thirds (chain plus shield while fighting monster A). Once DEX bonuses, magic bonuses etc to AC get taken into account, the contribution that a shield makes to defence is going to be even more variable.