not really since the shield breaks from one longbow hit if you have 2 shield skill.
Even in this case, it still has protected you from more than the 4hp you win from 2 IF, since a longbow hit usually does 1/6 at least damage, which would be 8-10 damage (on a plated guy, much more useful if less armoured).
Also what this could cause would be that less people would go ranged. If you are ranged and face 10 people with shields up and cannot shoot any of them, you get frustrated, same as with getting shot by them, which would discourage many players from being ranged...
And shields are not a counter to ranged, true, they are an annoyance, a way to discourage them from targetting you...
ye bunch of people with shields that can't attack anything with the shield up and a bunch of ranged kiting them from all sides, that's exctly what this mod needs.
Why useless? You can take a small 0 slot cheap 1her and even with 0 wpf do well, with your PS and its inherent speed, or a mace, or anything...
People have fear of using weapons with 0 wpf, but they are actually not bad. You will obviously be better off using your big weapon, but this will increase your survivability hugely.
Also, I would love to have ranged back to the old values for a couple of days, so that you realise that now they are not that big a deal at all. Yet the more you give someone, the more they expect to get...