So I spent about 1 hour or so doing the math in order to see what mix of armor would be the most optimal (and most fashionable) mix between armors to maintain medium weight and I came to this conclusion.
The order is boots, leggins, gloves, shirt and hat , while the weights are S=small, M=medium and H=heavy, the closest the number is to 23 should be the best weight-to-armor and keep in mind you can exchange the boots,gloves and hat since they weight the same in their respective classes (so you can change a Heavy hat for Medium boots and viceversa).
PS:Anything under 21.5 I deemed as not worth it but I might be wrong
First off armor without a shield would be:
L,H,L,H,M=22.9
M,L,M,H,H=22.9
M,H,M,M,H=22.4
M,M,M,H,M=22.3
H,L,H,M,H=22.3
M,H,H,L,H=21.8
M,M,H,M,H=21.7
Armor with a Light shield (2.7):
M,H,M,M,M=23
H,L,H,M,M=22.9
L,M,L,H,M=22.8
H,H,M,L,M=22.4
Armor with a Medium shield (5.4):
M,H,M,L,M=23
L,L,L,H,L=22.9
M,M,M,M,M=22.9
L,H,L,L,H=22.9
Armor with a Heavy shield (11):
L,M,L,L,L=22.5
L,L,L,L,M=22.1