Read "Patch Poll" under "Suggestions Corner" chadz has said he will do a heirloom reset with heirloom theft, in your case you only would have 1 so based on last heirloom theft you would keep 1 based on rounding up even if he takes 2/3rds of them. However, having more up to 3 based on on last heirloom theft you would still only keep 1. That why I am sugegsting just levelling up to 32 and making alts, especially with the 3% per gen xp nerf.
The main benefit of armor is cumulative so if you triple heirloomed your gauntlets and body armor (6 heirlooms) you would be able to survive an extra hit every life above and beyond your stats (thoguh obviously this is not exact as having more Ironflesh you get more benefit from better armor so maybe 11/2 more hits with higher IF).
Actually shields are not a bad way to go if you can get a decent-sized (1 slot) fast shield that can last longer (round shield, heavy round shield, elite cavalry shield, knightly heater shield, etc.) as the changes would probably help you absorb an extra hit or 2 with it per heirlooming. (pre-patch they were not as desirable, but with recent heirloom nerfs they actually are one of the betetr heirlooms now for 1hers).
Also once you are level 31, just click the retirement page to see what each level of heirlooming does for all your items (you can check without having to retire), triple heirlooming some weapons can get you an extra 1 speed in their somewhere in addition to the damage. (+1 speed seems like +5 wpf, but thats a really rough estimate)