I took the shield in my first game, but I think the runes are possibly more useful to me in my second game, cos I'm a Mage and I need some Mind runes. Plus there is a dragon shield that I liked better than the dwarven mithril shield. I think the dragon shield gives +6 defense and 50% resistance against dragons, and it spawns a dragon every time you level up.
So in my opinion the runes are possibly the best bet overall.