Both decisions depend on who to wear/use the two items.

For me
- No adamantine weapons. I don't need any of them.


So, my choices
- 1 shield
-- most companions can use it.

- 1 armor
-- medium is preferred, as several companions can use it.
-- or heavy - sadly, by default only 1 companion can use it.


A few tips (based on or verified with my own experience):

1) Most enemies prefer not to target the party member in Adamantine heavy amor
- If you want to let a melee fighter build of Lae'zel get less attacks (not just less hits), give her this armor

2) Don't put the adamantine heavy armor on your party tank
- Don't give her this heavy armor if you want her to tank for the party (taking more attacks)
- Doing so may completely defeat the purpose of the party tank's role
- Notable example: the 2nd Gith patrol *completely* ignored my party tank in this heavy armor (very frustrating!).

3) The armor and the shield are complementary in producing the reeling effect
- Putting both on Shadowheart can noticeably help her survive close combat without healing

4) In Act 3, none of the adamantine stuff (obtainable in Act 1 only) still matters.
- So, their usefulness is more or less limited to Act 2.

5) Protecting from Critical is not important later in the game.
- Because most devastating effects and most deadly attacks are not based on critical hits.
- Example: Steel Watcher can maim you and/or explode you into flames. Nothing like that has anything to do with critical hits/dmg.