The majority of people i've spoken too says go with The shield. Ignore the +1 on weapon for a while, but shield should be first priority because of the mitigation boost it offers.

Then it really depends on other things. Are you planning on going CT at all? I got my CT chest then bought my helm. I got CT boots so i'm saving for Myth Legs so I can get rid of my 2pc DL.

Hero's ring seems to be commonly worn. I'll be using Hero's Ring and Gryphonskin Ring(already wearing this one).

Then you can start upgrading accessories or do +1. If agro isn't an issue the stat upgrade from the +1 sword may not be as good as being able to do almsot 2 upgrades on accessories. If agro is still a concern I'd get weapon before accessories to get that out of the way.