Alright. What about a Sword/Shield Warrior with Archery?

I do this often. I keep Restoration and my Shield hot keyed. With an Alteration spell in my favorites.

Should be, sounds like you are going for either (or mix of) Battlemage/Spellsword/Sorcerer class.

Ok, do you think it would still be realistic with Light Armor?

.....This is...exactly what I'm doing on my newest character, well except I'm using a mace and I'm using clothing, but I might switch to light armor eventually...you're not a bosmer are you? I just swap my shield out for magic when I need it and then swap back to the shield.

I dunno, I try as much as possible to play as realistic as possible.

What about a Sword/Shield with Archery? Realistic?

Yes... You would just have to hotkey the bow to switch from weapon to weapon