I tend to store perk points until I come across a situation where I need them.. ie a tough battle I'll upgrade one handed by a point. I am being very careful not to make my character too powerful. Theres nothing worse than 1-shotting everything you come across... the desperate battles are the best ones. (am playing on expert)
I know what you mean in the beginning my shield 1h warrior type would come across bandits alot and in one case a redguard who insulted me, the fights were tough having to block but not keep blocking
otherwise I'd be dead and swing / bash at the right moments... fun times.
I use all my perks I play on expert and while for some of the tougher bosses I take very little dmg unless its a spell caster and I didn't have my shield raised at the time but for the most part I can take down larger
parties of melee and casters if their not masters. it just takes me a while to take them down with my trusty forsworn axe.