i've been watching shield hero as well and your idea would be unique. Honestly for the shield keeping all its power per player switch though, i think it should lose them. the new holder of the shield (or other cardinal weapon) should have to work for it after acquiring it. yes they may of killed the person holding it before but lets say for lore purpose it has a connection with its current owner and if that breaks then it reverts to its original form. all in all i think it is an awesome idea and it would add 'Power houses' per se. to whatever group has it.
One thing i would suggest though would be to limit one cardinal weapon per group. or 'Nation' (Village, city, kingdom, ect)
the only reason i wouldnt want this in the game is for the simple fact of it coming from something already established. it is an awsome idea but for the world of fractured i just dont sense a uniqueness from it. yes it makes sense, being that there are the respective items but i feel as though there should be something.. More. maybe instead of being upgraded it would be blessed by the gods and have changes like that.
i wouldnt be opposed to seeing this in the game in some way but if it is i would like it to be turned into its own aspect.