I use Shield Swipe in the following cases (which is quite often; it's awesome for single target DPS):
1) When I don't have Fight or Flight up, or it's not currently active
2) I'm on Fast Blade > Savage Blade > Rage of Halone rotation only

If i'm low on TP, be it either the fight goes for a long time or I have to use Shield Lob or anything that gives you net loss on TP gain, I'll pop Bulwark and go to town with Shield Swipe to let your TP recover while still putting out decent damage. By this point, hate shouldn't be an issue as you should have already been using your Rage of Halone combo at least a few times to solidify hate. Worst case scenario, you can Provoke and Flash to put you back on top of the aggro list. For reference, if you have a Holy Shield or Holy Shield +1, using Bulwark gives you 90%+ block rate so Shield Swipe will almost always activate for you. I personally save Bulwark for when I need to refresh TP a bit.

All the other points mentioned are good.